Let’s Stop Economic Progress!

Dr. Michael LaitmanOpinion (Christophe Bernard, Chief Strategist of the Vontobel Group): Money serves as a foundation for trust. We take for granted that we can go to a bakery and exchange it for bread. A banknote itself costs nothing, in contrast to silver and gold coins, which have material value. …

“The current situation is quite new because the relationship between currencies and gold was destroyed only 40 years ago, but gold as payment was introduced in the time of Croesus, the king of Lydia, in 560 BC and since then has maintained its purchasing power. In Babylon, an ounce of gold could buy 350 loaves of bread, about the same as in our days.

“The attachment to gold is unreasonable in our time because the amount of gold that can be extracted is limited, and if the amount of money depended on it, it would slow down economic growth. …

“If since 2008, the central banks had not flooded markets with cheap money, we would not have a depression with unpredictable consequences. So far, these measures were correct. But I wonder how they are now going, on the one hand, to reduce the mountain of debt and, on the other hand, to reduce incredibly inflated balance sheets?”

My Comment: Gold and silver were used as a payment more than 3,000 years ago; we read in the Torah that Abraham bought the cave of Machpelah for 400 shekels of silver. And even before that, in ancient Babylon, that is, 3,500 years ago, gold coins were in use.

The strategists writes, “The attachment to gold is unreasonable in our time because the amount of gold that can be extracted is limited, and if the amount of money depended on it, it would slow down economic growth.” But precisely this economic progress has to be gradually stopped! And it is no longer progress, but accumulation of empty monetary mass.

What will banks do with cheap money? Either we will do this ourselves or Nature will correct everything itself: The entire mass of money will be reduced to the mass needed for existence. There is no need for a big mass of money, and no more gold is mined!
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