Become Your Own Central Bank and Don't Be Left Holding "IOU Nothings".
In this report, I cover the early market action from London on Monday, September 9th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look into the subject of Central Banking with a focus on the ECB and the soon to step down President Mario Draghi. The major Central Banks have of course been running very unconventional policies for over a decade as they continue to create credit or fiat currency out of thin air in order to keep a mountain of debt and the current system from collapsing.
I reference an essay by a former Central Banker, John Exter, in which he warns back in 1972 that Central Bankers will eventually run themselves out of the money-making business if they continue to inflate the monetary system with what he calls "IOU NOthing" money. John Exter notes that the best store of value money has been and will always be commodity money like gold and silver.
My conclusion is that we could be reaching the point where Central Bankers do run themselves out of the money-making business but at the same time we should not hold our breaths for that eventuality and that we as individuals need to become our own Central Banks and hold what we think is the best store of value money.
Currencies Today Are "IOU Nothings" by John Exter: https://www.aier.org/research/currencies-today-are-iou-nothings
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