The New Gold Standard: Rediscovering the Power of Gold to Protect and Grow Wealth

ISBN-13: 9781118043226 / Angielski / Twarda / 2011 / 224 str.

Paul Nathan; Donald Luskin

Opis

The guide to returning to a gold standard All that glitters is gold and gold has never glittered so much as it has in the last decade, reaching staggering new prices in recent years. The definitive modern argument to returning to a gold standard, The New Gold Standard succinctly and clearly explains the nature of sound money, the causes and cures of inflation and deflation, the importance of fiscal responsibility within a sound monetary system, and the reasons for recessions and depressions.

• Little has been written beyond academic histories of the gold standard, but gold standard expert Paul Nathan fills that void for the first time
• Written for beginning and professional investors, the book provides guidance on how a gold standard will strengthen the dollar, reduce debt, and help stabilize the economy, offering easily applied strategies for investing in gold now and in the future
• The degree of depressions and recessions and the boom bust cycle can be avoided with a sustainable, stable monetary policy
• The international return to gold is not a fad but a sign of a world in monetary transition

As long as governments continue to print money and deficits continue to rise, gold will be a hot commodity. As inflation creeps up, more and more talk will turn to returning to some version of the gold standard, and The New Gold Standard is the first major work to explicitly address the challenges and benefits of such a move.

Spis treści

Foreword.

Preface.

Part I: Gold and the Domestic Economy.

Chapter 1 Why Gold?

Gold: The King of Metals.

Gold Becomes the Standard of the World.

Too Little Gold Or Too Much Paper?

The "Gold Prevents Prosperity" Myth.

In Gold We Trust.

Chapter 2 The Gold Standard: A Standard for Freedom.

What Money Is . . ..

. . . And What Money Is Not.

The Nature of Inflation.

The Fiat Standard at Work.

The Illusion of Prosperity.

The Meaning of the Gold Standard.

Chapter 3 Why Prices Have Not Skyrocketed.

On Human Action.

Quantity versus Values.

The Quantity of Money and the Gold Standard.

Too Little Fiscal Responsibility Chasing Too Many Politicians.

Chapter 4 The Inflation/Deflation Conundrum.

The Cause of the Recent Spike in Commodities.

Chapter 5 Central Banking in the Twenty–First Century.

The Rise of Populism.

A World in Transition.

The Fed of the Twenty–First Century.

Part II: The International Gold Standard.

Chapter 6 The Making of an International Monetary Crisis.

Monetary Theory: Past.

No Curb on Governments.

The Policy Makers.

The Process of Confusion.

Condemnation of Gold.

Evolution of the Theory.

Fractional Reserve Banking.

The Great Depression.

Devaluation in 1934.

Bretton Woods.

The Theory Projected.

"If at First You Don t Succeed . . .".

The SDR: As Good as Gold Again!.

Debt Amortization or Default: The False Alternative.

The Frightening Prospect of an International Debt.

Toward an International Fiat Reserve System.

Simply Repetitious.

The Real Meaning of Monetary Reform.

Chapter 7 The Death of Bretton Woods:.

A History Lesson.

Fixed Exchange Rates, Flexible Rules.

Export or Devalue: Institutionalizing the Devaluation Bias.

"Hot Money" Blues.

The Role of the Dollar under Bretton Woods.

Limited Gold Unlimited Dollars: A Formula for Disaster.

Confidence versus Liquidity A Two–Tier Tale.

Gold s Limitations: A Blessing in Disguise.

U.S. Balance of Payments Problems.

The First Straw.

On Selling One s Cake and Wanting It Too.

The Illusion of the Last Straw.

The High Price of Gifts.

On Domestic Dreams and International Nightmares.

Chapter 8 Who s Protected by Protectionism?

A Few Principles.

Enter Protectionism.

Trade between Nations.

To Protect the Balance of Trade.

To Protect Domestic Markets.

To Protect Domestic Wages.

Protectionism: The Greatest Threat to Prosperity.

The U.S. Balance of Payments Problem in Perspective.

The Protection Racket.

Part III: Returning to a Gold Standard.

Chapter 9 Are the Fiat and the Gold Standards Converging?

A Monetary System Needs to Know Its Limitations.

Reduced Leverage Equals Reduced Speculation.

The Process of Convergence.

A New Day.

Chapter 10 Gold: The New Money.

Rediscovering Gold.

The International "Walk" on Gold.

Competing Monies.

Chapter 11 How Not to Advocate a Gold Standard.

The Intrinsic Worth Argument.

The Store of Value Argument.

Gold Price Predictions.

The Legal Tender Argument.

The Official Price of Gold Fetish.

The Devaluation Syndrome.

The Stop Printing Money Argument.

The Demonetization Threat.

On Context, Cause, and Effect.

Part IV: Investing in Gold.

Chapter 12 Lessons of a Life–Long Gold Investor.

On Trading.

The Rules of the Game.

When to Be Flexible . . ..

. . . And When to Stick to Your Guns.

On Investing.

Shakeouts.

Turning a Disadvantage into an Advantage.

On Leverage.

When to Sell a Stock.

"Be Afraid. Be Very, Very, Afraid . . . ".

How to Own Gold 170.

Chapter 13 My Final Word on Gold.

On Bretton Woods II.

The New SDR Threat.

On QE2.

The Banking System of a Free Society.

In Conclusion.

Recommended Reading.

Bibliography.

About the Author.

Index.

O autorze

Paul Nathan is an exclusive contributor of articles on gold for kitco.com. With more than one million hits a day, kitco.com is the leading site for gold bugs worldwide. He wrote articles in the ′70s for the Freeman and today writes a weekly commentary and market update for hard money enthusiasts and investors at paulnathan.biz. Nathan was there at the birth of the Libertarian Party, and his mother was the first national candidate to run on the Libertarian Party ticket in 1972. Nathan began writing on monetary and economic matters in 1968 while studying under Ayn Rand and Alan Greenspan at the Foundation for the New Intellectual.

Blurb

Praise for The New Gold Standard

"The dollar without a link to gold is like a ship with no anchor. Paul Nathan explains the gold standard and then offers a solution on how we can get back to where we need to be, level the playing field, and protect our purchasing power. Gold is a time–tested means of preserving wealth." Larry Kudlow Host, CNBC′s The Kudlow Report

"Paul Nathan is a brilliant investor with a great track record of making big calls at big turning points in markets. Now he′s making a big call on how to put the world economy back on a sound footing by using gold as the centerpiece of a new financial order. Nathan is no ′gold bug.′ His analysis of what went wrong in the recent credit train wreck, and how to lift the world out of it, is sensible and incisive. As the gold price makes new all–time highs, both investors and policy makers should pay close attention to Paul Nathan′s ideas." Donald L. Luskin Chief Investment Officer, Trend Macrolytics, LLC, coauthor, I Am John Galt

"Throughout history, gold has routinely been used as the medium of exchange and a store of value. When it comes to understanding why the world repeatedly returns to this standard, Paul Nathan is a master at putting the economics into perspective. More than a history lesson or a prognosis for current times, this book will make it clear why gold is also the money of the future." Kevin Cochrane Professor of Economics, College of the Desert, author, The Potter′s Keeper

"Paul Nathan′s analysis of ′How Not to Advocate a Gold Standard′ is one of the very best myth–busting dissertations I′ve yet seen over the years. It should be mandatory reading for anyone interested in gold and the world of money." Jon Nadler Senior Analyst, Kitco Metals Inc., North America