We have been warning about the consequences of inflation for quite a few years, while some like economist Roger Bootle, on the other hand, even wrote a book entitled The Death of Inflation. How could an economist have been so wrong and we right? We hope to clarify this in this article. We have been warning the readers of this publication too, as about a… Read More »Westminster Street
We might get bogged down with what the price of gold in the short term but what we need to understand it that gold has acted as a store of value or wealth for millennia. Fiat currency, paper money or what we use as money today as always returns to its intrinsic value: zero as Voltaire once said. Even though the world’s monetary system was… Read More »Essence of Gold
In 1841 Charles Mackay’s Memoirs of Extraordinary Popular Delusions was first published and 180 years later we should probably refer back to it as there is much to learn from it as far as the reaction to the Coronavirus or COVID-19 is concerned. Aside from covering some of the major financial bubbles like John Law’s Mississippi Scheme, the South-Sea Bubble and the Dutch Tulipomania, Mackay… Read More »Extraordinary Popular Delusions
Almost everyone by now has heard of Bitcoin and the various other Cryptocurrencies, often referred to as “alt coins”. But what is Bitcoin and the thousands of digital currencies all about, and why have they become so popular in the thirteen years since the Bitcoin white paper was published in October of 2008? The Great Financial Crisis or GFC of 2008 led to many people… Read More »Cryptocurrency
Unless one has studied the history of gold, money and the monetary system of the last 120 years or so you will know little about Sunday, August 15, 1971. Even if you have a higher education degree in economics or finance it is not certain that you will either or if you do know about the date I venture to say that you might not… Read More »A Sunday to Remember
With the advent of the crisis that we have been under since March of 2020, the UK government via HM Treasury and the Bank of England have responded with massive fiscal and monetary stimulus. This is essentially to keep people from starving and paying their bills as huge swaths of the economy have been shut down or have had restrictions imposed upon them. There is… Read More »Who Will Foot the Bill?
The topic of economics is often shrouded in mystery and arcane terms like GDP, marginal utility, money velocity and many other terms that make the people on the street roll their eyes and completely ignore the subject. So in this article we will be looking at the origin of the word economy, we will be looking at how and why the so-called economics profession has… Read More »Economics
Most people take inflation as being the increase in the price of goods and services and a lot of time blame greedy businesses, labour unions and speculators for inflation. It certainly seems to be a valid explanation of inflation but in this article we will look back at the classical definition of inflation that has not been taught in schools or universities for about fifty… Read More »Understanding Inflation
Money is a subject that is on everybody’s mind and the most obvious reason for that is because the great majority of people almost always do not have enough of it. Today though, we are going to look at what money really is and how money evolved through time and in society, and the functions that money should have. My hope here is not help… Read More »Understanding Money
