Gold is getting back its classic glitter as a safe inflation hedge
SummaryIt has held value for millennia while fiat money keeps losing power.
When I recently talked to some school children about the nature of money, I brought props: a cowrie shell, a piece of play paper and a small handful of shredded dollar bills. Which of these, I asked, is money? The point I wanted to make: It is all about belief. If everyone agrees something is money, it is. One child interrupted me just as I was getting going on the rai stones of Yap to ask: Can fiat currencies survive? Not what you might expect from an 11-year-old.