Our own Keith Weiner gives us a lecture on “Irredeemable Currency”. Keith gives us a view of the history of our modern monetary system vis-à-vis gold and the problems it has caused. This is lecture 1 of two. I will post lecture 2 tomorrow. Enjoy.
Keith Weiner on Irredeemable Currency, Part 16 comments to Keith Weiner on Irredeemable Currency, Part 1 |
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Due to youtube’s file size limit, this had to be broken into two parts. Both of which comprise lecture 1.
Lecture 2 is not yet published online (wrapping up some postproduction work).
Excellent; a lot of material very well encapsulated.
Have been making my own distillation of our monetary economics,soI lookforwardtoseehow Mr.Weiner presents Part II, including his “solution,” which I think shall be “re-pricing of gold” with either gold standardor free market gold or some variation, to re-introduce confidence in the system.
Thank you to both Messrs Weiner and Harding for the alert..
I am so glad we have Mr Weiner hear; I will view the video when time allows…
The only I ask is, in the next lecture, could the distinguished speaker please wear a bow tie!
Keith really enjoyed the lecture.
extremely informative. this filled in a lot of gaps in my understanding. thank you!
This was an excellent lecture! A lot of the financials stuff was over my head, and could’ve done with clearer examples, but I got the gist of most of it.
A few questions that came to mind while watching this:
1. Is the process of permanent gold backwardation that you are positing really a process of the market “relearning” that gold is money? After all, most people do not consider gold to be money, and will not have a desire to dump their cash into it.
2. If the market is relearning the value of gold as money, then could it be possible that the market will first make several mistakes on the way, and initially try to value other things as real money – such as the dollar, wheat, oil, or some other commodity? And if so, then wouldn’t we see an equivalent backwardation in those items first, before a backwardation in gold?
3. If a bank wants to buy short to sell long, in order to cash in on the higher profits, and *if* they clearly stated such in their contract with depositors, then why would duration mismatch be immoral/illegal? What is the moral/legal difference between FRB and duration mismatch, that allows you to say one is alright while the other is not? I would think they would both be perfectly fine so long as it is in the contract. How is it different from a casino that does not anticipate many people hitting the jackpot all at once?
4. Why is it that, in this situation, silver has gone into long-term backwardation before gold, and not the other way around? I am not familiar with silver futures markets, but for how many years into the future might silver go into backwardation before gold starts to do the same thing, permanently?