by James Turk, Gold Money:
In testimony before Congress in 1912, J.P. Morgan, the leading financier of his day, declared: “Money is gold, nothing else.” A century later a diametrically opposing view was taken by Wall Street legend Warren Buffett who proclaimed that gold “has no utility” and that “anyone watching from Mars would be scratching their head” trying to figure out why people value it.
How is it possible that one hundred years ago money was nothing but gold, but gold now has no utility? Has gold really changed? Or is it just people’s perceptions that have changed, and gold has the same utility as before but its attributes are being ignored or have been forgotten?
These questions and many more are answered in The Money Bubble: What To Do Before It Pops, a new book I have written with John Rubino. We explain what money really is; why there is a bubble; and importantly, what to do before it pops.
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