The Phaserl


The Definition of Money

by Andy Hoffman,

Sometimes, one must simply go back to the basics. And when one is charged with educating as to why one should own Precious Metals, there’s no better time than when financial bubbles foster “confidence” in the dollars, euros, and yen creating them; and simultaneously, hatred of “barbarous relics” like gold and silver. Moreover, in today’s situation, we not only must contend with the Fed-induced mania being created in the stock market, but the “internet-like” surge in virtual currencies like Bitcoin.

Remember, the underlying cause of my abandonment of the dollar 12 years ago was realization that it, like the 599 fiat currencies before it, would inevitably be destroyed by inflation; as the definition of a Ponzi scheme is a financial arrangement that can only survive by growing exponentially larger, while simultaneously, maintaining public confidence. This is why fiat money creation exploded after the gold standard was abandoned in 1971; and consequently, why it will rise hyperbolically before eventually collapsing under its own weight.

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