Comments by "Edward McLaughlin" (@edwardmclaughlin7935) on "You’ve got no money in the bank" video.
-
2
-
1
-
All schools should make sure that young people are made aware of the legal status of bank balances. In the interest of making that an aim, I am fully on-board with the general line in this video.
I would take issue with the statement toward the end, that "...there is no such thing as money in the world these days." There actually is money in this world, and it is gold. That is why it does us no good at all when we talk of money, to fail to distinguish between the notes and coins we use daily - which are actually units of currency - and money, which is gold.
Because our pounds have existed in the form they have - as fiat currency (backed with nothing tangible and only of value because the authorities deem it to be so) - for all of our lives and those of our parents, we have formed the mistaken idea that this is how it has always been and there are no alternatives. Up until 1913 there was an alternative system which was backed by tangible wealth: gold.
This subject is especially crucial at this juncture, as the fiat, debt-driven system we know, is coming to the end of its usefulness and will be replaced by another way of doing things, the details of which we don't yet know. We can only look on what is happening in the world and surmise the possibilities. When we watch the flailings of so many central banks in the West, presiding over their, at best moribund economies; and we compare that with the steady progress of those countries outside the West, this would suggest that the levers of power are changing hands. Given that so many of the latter have been assiduously acquiring and laying-down stores of gold for some time now, it would be prudent to assume that any new system will be based at least in part, on a return to the use of gold as a tangible basis for measuring wealth and trading exchange.
1