In this report, from London on Saturday, August 17th, 2019 I go over John Exter's essay "Currencies Today Are I O U Nothings".
John Exter was a career Central Banker and founder of the Sri Lanka Central Bank and started his career at the Federal Reserve Board in Washington D.C. Even though I am always very critical of Central Bankers I have to say that Mr Exter (1910-2006) was a Central Banker I admired as he told it like it is.
In his essay,t Mr Exter points ou that unlike commodity money where currencies are redeemable into gold and silver our current monetary system is one in which our currencies are redeemable into nothing and hence the term I O U Nothing.
My conclusion, after going through Mr Exter's essay, is that despite the attempts by modern Central Bankers to denigrate gold and the proponents of sound money like Gold Bugs we are very near a point where gold will have to be brought back into the system. Remonetizing gold will bring back confidence into the monetary and financial system after the deflationary spiral we are witnessing the current system fall into.
Currencies Today Are "IOU Nothings" by John Exter: https://www.aier.org/research/currencies-today-are-iou-nothings
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