The Psychology of Money

by Alasdair MacLeod
Gold Money

The world stands on the threshold of monetary hyperinflation with the US dollar leading the way. The final months of fiat money are coming into view.

What will replace them — bitcoin or gold?

This article argues that the final solution is bound to be with central banks and government treasury departments retaining their control as issuers of money by the only means at their disposal: deploying their gold reserves to back their currencies, not as fiat, but as credible gold substitutes.

Central banks own no bitcoin, which effectively rules it out.

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