Details

The New Gold Standard


The New Gold Standard

Rediscovering the Power of Gold to Protect and Grow Wealth
1. Aufl.

von: Paul Nathan, Donald Luskin

25,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 09.05.2011
ISBN/EAN: 9781118084236
Sprache: englisch
Anzahl Seiten: 224

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Beschreibungen

<b><i>The</i> guide to returning to a gold standard</b> <p>All that glitters is gold and gold has never glittered so much as it has in the last decade, reaching staggering new prices in recent years. The definitive modern argument to returning to a gold standard, <i>The New Gold Standard</i> succinctly and clearly explains the nature of sound money, the causes and cures of inflation and deflation, the importance of fiscal responsibility within a sound monetary system, and the reasons for recessions and depressions.</p> <ul> <li>Little has been written beyond academic histories of the gold standard, but gold standard expert Paul Nathan fills that void for the first time</li> <li>Written for beginning and professional investors, the book provides guidance on how a gold standard will strengthen the dollar, reduce debt, and help stabilize the economy, offering easily applied strategies for investing in gold now and in the future</li> <li>The degree of depressions and recessions and the boom bust cycle can be avoided with a sustainable, stable monetary policy</li> <li>The international return to gold is not a fad but a sign of a world in monetary transition</li> </ul> <p>As long as governments continue to print money and deficits continue to rise, gold will be a hot commodity. As inflation creeps up, more and more talk will turn to returning to some version of the gold standard, and <i>The New Gold Standard</i> is the first major work to explicitly address the challenges and benefits of such a move.</p>
<p>Foreword xiii</p> <p>Preface xvii</p> <p><b>Part I: Gold and the Domestic Economy</b></p> <p><b>Chapter 1 Why Gold? 3</b></p> <p>Gold: The King of Metals 4</p> <p>Gold Becomes the Standard of the World 5</p> <p>Too Little Gold—Or Too Much Paper? 6</p> <p>The “Gold Prevents Prosperity” Myth 8</p> <p>In Gold We Trust 10</p> <p><b>Chapter 2 The Gold Standard: A Standard for Freedom 13</b></p> <p>What Money Is 15</p> <p>.AndWhat Money Is Not 18</p> <p>The Nature of Inflation 20</p> <p>The Fiat Standard at Work 22</p> <p>The Illusion of Prosperity 23</p> <p>The Meaning of the Gold Standard 25</p> <p><b>Chapter 3 Why Prices Have Not Skyrocketed 27</b></p> <p>On Human Action 28</p> <p>Quantity versus Values 31</p> <p>The Quantity of Money and the Gold Standard 32</p> <p>Too Little Fiscal Responsibility Chasing Too Many Politicians 33</p> <p><b>Chapter 4 The Inflation/Deflation Conundrum 35</b></p> <p>The Cause of the Recent Spike in Commodities 38</p> <p><b>Chapter 5 Central Banking in the Twenty-First Century 41</b></p> <p>The Rise of Populism 42</p> <p>A World in Transition 45</p> <p>The Fed of the Twenty-First Century 48</p> <p><b>Part II: The International Gold Standard </b></p> <p><b>Chapter 6 The Making of an International Monetary Crisis 55</b></p> <p><b> </b></p> <p>Monetary Theory: Past 57</p> <p>No Curb on Governments 58</p> <p>The Policy Makers 59</p> <p>The Process of Confusion 60</p> <p>Condemnation of Gold 61</p> <p>Evolution of the Theory 62</p> <p>Fractional Reserve Banking 63</p> <p>The Great Depression 65</p> <p>Devaluation in 1934 66</p> <p>Bretton Woods 67</p> <p>The Theory Projected 67</p> <p>“If at First You Don’t Succeed .” 69</p> <p>The SDR: As Good as Gold Again! 70</p> <p>Debt Amortization or Default: The False Alternative 71</p> <p>The Frightening Prospect of an International Debt 72</p> <p>Toward an International Fiat Reserve System 74</p> <p>Simply Repetitious 75</p> <p>The Real Meaning of Monetary Reform 75</p> <p><b>Chapter 7 The Death of Bretton Woods: A History Lesson 79</b></p> <p>Fixed Exchange Rates, Flexible Rules 80</p> <p>Export or Devalue: Institutionalizing the Devaluation Bias 82</p> <p>“Hot Money” Blues 84</p> <p>The Role of the Dollar under Bretton Woods 85</p> <p>Limited Gold—Unlimited Dollars: A Formula for Disaster 86</p> <p>Confidence versus Liquidity—A Two-Tier Tale 87</p> <p>Gold’s Limitations: A Blessing in Disguise 87</p> <p>U.S. Balance of Payments Problems 89</p> <p>The First Straw 89</p> <p>On Selling One’s Cake and Wanting It Too 89</p> <p>The Illusion of the Last Straw 90</p> <p>The High Price of Gifts 91</p> <p>On Domestic Dreams and International Nightmares 92</p> <p><b>Chapter 8 Who’s Protected by Protectionism? 95</b></p> <p>A Few Principles 97</p> <p>Enter Protectionism 98</p> <p>Trade between Nations 99</p> <p>To Protect the Balance of Trade 100</p> <p>To Protect Domestic Markets 102</p> <p>To Protect Domestic Wages 102</p> <p>Protectionism: The Greatest Threat to Prosperity 104</p> <p>The U.S. Balance of Payments Problem in Perspective 106</p> <p>The Protection Racket 106</p> <p><b>Part III: Returning to a Gold Standard </b></p> <p><b>Chapter 9 Are the Fiat and the Gold Standards Converging? 111</b></p> <p>A Monetary System Needs to Know Its Limitations 113</p> <p>Reduced Leverage Equals Reduced Speculation 115</p> <p>The Process of Convergence 116</p> <p>A New Day 118</p> <p><b>Chapter 10 Gold: The New Money 121</b></p> <p>Rediscovering Gold 123</p> <p>The International “Walk” on Gold 124</p> <p>Competing Monies 125</p> <p><b>Chapter 11 How Not to Advocate a Gold Standard 129</b></p> <p>The Intrinsic Worth Argument 130</p> <p>The Store of Value Argument 131</p> <p>Gold Price Predictions 132</p> <p>The Legal Tender Argument 133</p> <p>The Official Price of Gold Fetish 134</p> <p>The Devaluation Syndrome 137</p> <p>The Stop Printing Money Argument 139</p> <p>The Demonetization Threat 140</p> <p>On Context, Cause, and Effect 142</p> <p><b>Part IV: Investing in Gold</b></p> <p><b>Chapter 12 Lessons of a Life-Long Gold Investor 147</b></p> <p>On Trading 151</p> <p>The Rules of the Game 152</p> <p>When to Be Flexible 154</p> <p>And When to Stick to Your Guns 156</p> <p>On Investing 157</p> <p>Shakeouts 160</p> <p>Turning a Disadvantage into an Advantage 163</p> <p>On Leverage 164</p> <p>When to Sell a Stock 167</p> <p>“Be Afraid. Be Very, Very, Afraid ” 168</p> <p>How to Own Gold 170</p> <p><b>Chapter 13 My Final Word on Gold 173</b></p> <p>On Bretton Woods II 173</p> <p>The New SDR Threat 175</p> <p>On QE 2 178</p> <p>The Banking System of a Free Society 181</p> <p>In Conclusion 183</p> <p>Recommended Reading 185</p> <p>Bibliography 189</p> <p>About the Author 191</p> <p>Index 197</p>
<p><B>PAUL NATHAN </B>is an exclusive contributor of articles on gold for kitco.com. With more than one million hits a day, kitco.com is the leading site for gold bugs worldwide. He wrote articles in the ’70s for the <i>Freeman </i>and today writes a weekly commentary and market update for hard money enthusiasts and investors at paulnathan.biz. Nathan was there at the birth of the Libertarian Party, and his mother was the first national candidate to run on the Libertarian Party ticket in 1972. Nathan began writing on monetary and economic matters in 1968 while studying under Ayn Rand and Alan Greenspan at the Foundation for the New Intellectual.
<p>AS CONFIDENCE in the U. S. dollar approaches an all-time low, the price of gold continues to soar with no end in sight. For the first time in nearly a century, the question of whether to return to the gold standard is being hotly debated in both the press and academic circles. It isn’t hard to see why: in the wake of the global credit crisis and successive rounds of quantitative easing, nervous investors have begun seeing the specter of Weimar-era hyperinflation looming around every corner. <p>But can restoring the gold standard really bring sustained stability to the global economy as its advocates contend, or will it, as its detractors insist, only serve to put the brakes on economic growth? <p>As author Paul Nathan sees it, the question of whether or not governments decide to make the move to a gold standard has been made irrelevant by the new international gold rush. The market has spoken, and, like it or not, we are already on our way to a de facto gold standard. <p><i>The New Gold Standard </i>is the definitive guide to establishing a gold standard designed for the realities of the 21<sup>st</sup> century. Offered here, is a scrupulously researched, deeply thoughtful consideration of the core issues along with thought-provoking solutions, elements of which will appeal to even the most left-progressive of readers. <p>Under the gold standard, as first devised by no less a genius than Sir Isaac Newton and refined by Thomas Jefferson and the Founding Fathers, the U. S. dollar had the same buying power at the end of the 19<sup>th</sup> century as it did in the beginning. During the 20<sup>th</sup> century, after having moved entirely off the gold standard, the dollar was worth 97% less. But, according to Paul Nathan, that doesn’t mean we can simply set the clocks back to 1913. Ever mindful of the realities of a technologically integrated world financial system, he explains the nature of sound money, the causes and cures of inflation and deflation, the roots of recessions and depressions, and the meaning of fiscal responsibility within a sound monetary system. He then describes steps governments can take to gradually reintroduce a gold standard that will strengthen the dollar, reduce debt, and help stabilize the economy. Finally, he offers investors sound strategies for investing in gold now and in the future. <p>Informative, thought-provoking, and controversial, <i>The New Gold Standard </i>is must-reading for policymakers, finance professionals, and individual investors, as well as thoughtful readers searching for answers amidst the chaos of a global economy at the precipice.

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