gata.org / By Fergus Hodgson, Gold Newsletter, Metairie, Louisiana / November 23, 2016
Many people find bullion as a guarantee opposite acceleration of fiat currencies, though they mostly forget how fiat currencies came to be in a initial place.
This blind mark has available a really same deception to play out in a time — though but showing in a vital financial press.
The blind mark is fractional reserves. It is a holding of changed metals — a tough income — next a series of claims of customers. It was a predecessor to complicated fiat currencies, that now usually have shade “reserves” of some-more cash. Similarly, required banks now reason income as “reserves” for checkbook and digital money.
Who is a manikin in this situation? As Chris Powell of a Gold Anti-Trust Action Committee says, “If we don’t know who … you’re a dummy.”