Tuesday, May 24, 2011

The return to the gold standard

Jim Rogers answering the question "Do you think a return to the gold standard would constrain government abuse?"
Jim Rogers : ...Well, it never has. The Romans had precious metals as their currency and do you know the term “debase”? The Roman politicians had the brilliant idea that if a coin was 100% pure precious metal, they could slip a little base metal in and, over a couple of hundred years,
they went from 100% pure precious metal to almost 0%. That’s where the term “debase” comes from. So, we’ve tried it.


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