Understanding the Significance of Gold as Money and Its Impact on Fiat Currencies
Discover the intrinsic value of gold as money and how it relates to fiat currencies in this insightful speech given by Alasdair Macleod at the Denver Gold Forum Europe. Learn about the historical significance of gold, the difference between money and credit, and the role of Roman law in shaping modern monetary systems.
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Presentation Transcript
MacleodFinance Why gold is always money And what it means for fiat currencies Speech to Denver Gold Forum Europe Alasdair Macleod Head of Research, Goldmoney MacleodFinance MacleodFinance Why gold is always money And what it means for fiat currencies Speech to Denver Gold Forum Europe Alasdair Macleod Head of Research, Goldmoney MacleodFinance
Title Slide Box Title & Headline Title & Headline MacleodFinance The difference between money and credit Gold is money. Everything else is credit. John Pierpont Morgan, in testimony before Congress, 1912
Title Slide Box Title & Headline Title & Headline MacleodFinance Defining money, currency, and credit In modern literature there is only one treatise in English about the legal and commercial principals of the colossal system of credit. The Romans invented banking, cheques and bills of exchange and defined the legal principals of credit. China invented paper money Roman law has been the basis of Mercantile Law of Europe for over 2,500 years and is reflected in every European treatise on Jurisprudence.
Title Slide Box Title & Headline Title & Headline MacleodFinance Roman Law is the basis of modern monetary law Twelve Tables 448 BCE Gaius s Institutes formed the basis of Roman law in 2nd century CE Rulings of Ulpian and Julius Paulus 2nd century CE Justinian s Pandects and Institutes 533 CE Basilica 892 CE Global colonization Spain, Portugal, Britain, Holland It defines the distinction between Corporeal and Incorporeal payments
Title Slide Box Title & Headline Title & Headline MacleodFinance Credit needs an anchor Between 1844 and 1900, the wholesale price index was unchanged. Broad money supply increased by eleven times, and there was an additional substantial increase in commercial bills as well.
Title Slide Box Title & Headline Title & Headline MacleodFinance
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Title Slide Box Title & Headline Title & Headline MacleodFinance The phases of the dollar Bretton Woods Agreement 1944-1971 1973 2021 Petrodollar and financialisation of the global economy interest rates go ZIRP and NIRP 2021 ? New era of rising interest rates, supply chain contraction, old-world developing debt crisis, and emerging economies industrialisation
Title Slide Box Title & Headline Title & Headline Currency has risk MacleodFinance
Title Slide Box Title & Headline Title & Headline MacleodFinance The future for money Fiat currency era ending The rise of Asia and commodity-based currencies Gold returns as Corporeal money to which Incorporeal credit refers
