Top Ten Reasons I Buy Gold and Silver
The comments above & below is an edited and abridged synopsis of an article by Jeff Clark
You may not know how old your national currency is, or even know what ‘fiat’ means, but all currencies have failed.
That’s the message from Mike Maloney in the first installment of his new video series, “The Top 10 Reasons I Buy Gold and Silver.” Reason #10 is that all the world’s currencies are fiat, and fiat currencies always fail.
Jeff looked through history to provide documentation of Mike’s claim. But he ran into a problem: there were too many currencies to include in the article. So he looked at those that went bust since the beginning of the 20th century. There were still too many. So he looked at those since he was born in 195—still too many.
He cut it off at 1975, the year gold was made legal to own again in the US, and still found 17 of them.
Bear in mind that every single one of these currencies is now worthless. They’ve all gone bust, whether they got there quickly or took a century or more. And they’re not all from third-world countries, either.
A fiat currency relies on faith, and if it’s not backed by anything (like gold), leaders eventually succumb to the temptation to create more and more currency to solve their financial problems. And that dilution has always and inevitably led to extinction. What’s scary is that, for the first time in recorded history, all of today’s currencies are fiat.
That’s why Mike believes that before the end of this decade, an economic crisis will hit that will eclipse the Great Depression and the 1929 stock market crash. It could be best thing that happens to you if you own gold and silver.
History has a clear message for us: All fiat currencies eventually go to zero.
With the US dollar backed by nothing, debt piling higher every month, all managed by central bankers and politicians that haven’t learned anything from history, it’s up to us to protect our assets with the one currency that can’t be debased, devalued, or destroyed—gold.