Currency, banking systems, etc are not over my head but neither are they accessible enough for me to have previously taken an enormous interest in them. A matter of some negligence. Professor Fekete has changed that however. At 78, with many years of communicating his ideas, he very successfully stripped back the complexity and made the subject of the gold standard and the spectrum across a system of application come alive.
I was left with a sense of unease. According to Fekete there is deep economic hardship ahead. He felt NZ was rich enough in resources that our problems might not be bad as those of other countries. But he has pressed an alert button in my mind and I will henceforth be attuned to what is happening in this arena and trying to understand the developments.
That is the best outcome a communicator can hope for.
At this moment, when the world’s monetary system appears increasingly shaky, Prof Fekete details why the current paradigm is flawed and how the problems must be dealt with. This is almost taboo in the main stream financial media. Prof Fekete explains it as a gold crisis, not a dollar crisis. Those who doubt it would do well to recall that every fiat* money system ever tried – and history is littered with examples – failed.
* Money that is not backed by, or convertible to, any specific commodity and whose only value is that determined by government.
Update; So when I saw this today I read it in full; The Gold Standard Never Dies by Llew Rockwell. Rockwell makes references to Zoellick in the same vane as did Fekete.)