Blinded by the Money Illusion
By GCRU Gold News on Thursday, July 6 2017, 00:54 - Permalink
Gold ownership is traditionally a form of battening down the hatches against these recurring financial storms and, for the minority who adhere to it, is an effective and ever-ready defense. Nialls Ferguson, the economic philosopher, summed up what a good many were thinking in the wake of the 2008 meltdown when he said: "Those few goldbugs who always doubted the soundness of fiat money – paper currency without a metal anchor – have in large measure been vindicated. But why were the rest of us so blinded by money illusion?"
Why indeed. . and why, pray tell, are so many blinded by it now?