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And so they get money as a result of this government interference into the economy. Do you see this ahead for us? Shall I define for your readers backwardation? Right, today, how much will it cost? So, the price today is much greater than the price is five weeks, that is backwardation.

And what it means is shortage or scarcity, so in wheat, obviously, there is no wheat a week before the harvest, the wheat is about to come in, all of the grain elevators are depleted. Now, if you take a look at gold or silver these are metals that have been accumulated for thousands of years. We use the concept of stocks to flow ratio, which is the amount of inventories that we have accumulated divided by the annual production.

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For gold it is estimated around 80 years, so at the current rate of mine production it will take 80 years to accumulate the stocks that we have in inventory now. And so, in gold where we have 80 years of stocks to flows the concept of shortage is meaningless. And so, I encourage everybody to think of a market crisis. What will happen to the real estate market in Los Angeles?

There will not be a lack of offers to sell Real Estate — there will be no bids. After the USGS announces this there will be no bids. There will be plenty of offers to sell real estate but no bids to buy real estate, the bid will be zero. Now, I want to use that analogy as gold is money and paper is credit.

Gold is withdrawing its bid on the US dollar, little by little the process of withdrawing the bid can also be called the process of moving to permanent backwardation.


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Well, many people in the gold world realise gold is the only commodity where rising prices can lead to reluctance to sell. If this happened in crude oil, if this happened in copper, commodities would come out of the woodwork and the price would correct.

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But in the case of gold, not so. The people with dollars are still interested with euros and with franks, they still want gold. How do they get it? Well, they say, I can trade my dollars or my euros for crude oil or wheat or copper or any liquid commodity that has a market. And then once I have the copper or the oil I can then trade that for gold.

And so this will be a process of trading paper for commodity, commodity for gold, paper for commodity, commodity for gold. That will drive the price of the commodity to arbitrary high levels. But in dollar terms and it will push the price of the commodity in gold terms lower and lower and lower. So, the price in dollar terms for all the commodities will rise exponentially and the price in gold terms will be falling exponentially.

And the only end to this process is when people officially say the paper currency is no more. I think it will be because of this arbitrage the last desperate holders of dollars trying to get a few more ounces of gold will drive the prices. Does that make sense? So, gold has been selected over thousands of years as money. And what does the bank do? Well, they buy the government bond which means the government owes the bank the money.

The problem is when somebody defaults, that means the debt is no longer good. The creditor now has a hole in his balance sheet and the creditor may default.


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And once the defaults begin to cascade, they will wipe through the system like dominoes tipping and falling and tipping and falling one into the other. Could you define it, please? And then the gold exchange standard was after and especially after the United States government had most of the gold after World War II certainly and said you can use these dollars as if they were good as gold and they will be redeemable but only to Central Banks. This was the gold exchange standard.

And so the Central Banks then created credit in their own local currencies, you know, the Deutsche Mark, the French Franc, the Italian Lire and so forth and that that was ultimately backed by dollars. The dollars were backed by gold. Well, that collapsed in So, today as we think about going forward to a gold standard, I think what we want to be very, very clear on is that the unadulterated gold standard means it is not adulterated.

Now we have to be clear what is it not adulterated with; coercion, force.

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So, what we mostly want is for the government to not interfere in the market for money and credit. We repeal the laws that nullify gold clauses and contracts.

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So, a landlord can sign a long-term lease in gold and not have to worry what will the ounce of gold be worth in 30 years or 50 years. Finally, you know, eliminate the laws that control banks and control what people can do, allow people to hold the gold coin directly in their hands. Allow people to either hoard that at home if that is their choice or to bring them into a bank and deposit it if the bank offers terms and interest that are attractive to that consumer.

And the reason why this is important is because the rate of interest is set by two forces. There is arbitrage by the marginal saver who either deposits into the bank or withdraws from the bank based on the rate of interest. And this will set the floor under the rate of interest. The ceiling in the rate of interest is set by the marginal business.

You cannot borrow money at a higher cost than your rate of profit. But basically, very, very stable. The rate of interest has been falling for 31 years. What is your argument against this argument?

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Today, the problem is the death of paper money. So, I would use the analogy of picking up pennies in front of a steam roller to earn 2 percent on your paper money while the entire paper money system is going over the cliff into the abyss.

We cannot have a gold standard if everybody buys gold to hoard it and take it home and burry it under the floor or bury it under the mattress. It is absolutely essential to the process of moving forward toward a gold standard that there be gold bonds that pay a yield not in paper currencies but that pay a yield in gold and that if the world could have a way to buy a gold bond and earn a yield in gold, then I think the adoption rate of gold would accelerate exponentially but in a way, that would not be to permanent backwardation, in a way, that would lead towards a solution to the problem that we have in paper money today.

So, on a computer if you have two different processes that are both not really controlled with respect to one another. Which basically means there is no offer to sell gold in terms of dollars or in terms of euros. So, at some point, gold will not be quoted on the board anymore, so I use the analogy in the last you know six or 12 months of Zimbabwe there was no quote for gold in Zimbabwe dollars, so what is the price?

The price is undefined, you might as well call it infinite. Is gold in a bubble? For archaeologists have found pendants of shells dating to the early Paleolithic that could easily have substituted for Native American money. Beads made from shells of the pea-sized snail Nassarius kraussianus, that lived in a nearby estuary. Blombos Cave, South Africa, 75, B.

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In the late s archaeologist Stanley Ambrose discovered, in the a rock-shelter in the Rift Valley of Kenya, a cache of beads made of ostrich eggshell, blanks, and shell fragments. Pierced animal teeth have been found in Spain also dating to this time. Recently regular shells, prepared as strung beads and dating further back still, to 75, BP, have been found in Blombos Cave in South Africa.

Our modern subspecies had migrated to Europe and necklaces of shell and tooth appear there, from 40, B. Shell and tooth pendants appear in Australia from 30, B. In all cases, the work is highly skilled, indicating a practice that probably dates much further back in time. The origin of collecting and decorating is quite likely Africa, the original homeland of the anatomically modern subspecies. Collecting and making necklaces must have had an important selection benefit, since it was costly — manufacture of these shells took a great deal of both skill and time during an era when humans lived constantly on the brink of starvation [C94].

Practically all human cultures, even those that do not engage in substantial trade or that use more modern forms of money, make and enjoy jewelry, and value certain objects more for their artistic or heirloom qualities than for their utility. We humans collect necklaces of shells and other kinds of jewelry — for the sheer enjoyment of it. For the evolutionary psychologists an explanation that humans do something for "the sheer enjoyment of it" is not an explanation at all — but the posing of a problem. Why do so many people find the collection and wearing of jewelry enjoyable?

For the evolutionary psychologist, this question becomes — what caused this pleasure to evolve? Detail of necklace from a burial at Sungir, Russia, 28, BP. Interlocking and interchangeable beads.