You can get better prices on gold than what Costco offers, but just the fact that Costco’s offering gold – and it’s selling out – tells a lot about the perceived trustworthiness (or lack thereof) of fiat money. From Quoth the Raven at quoththeraven.substack.com:
To gauge the average American citizen’s trust in our fiscal and monetary policy, look no further than what’s going on at Costco.
Can we all agree that once it becomes common knowledge just how ridiculous Modern Monetary Theory is, it’ll be a treacherous day for the confidence that Americans place in the Fed?
All I do is write about the Federal Reserve. I’ve been talking about them for the last 15 years nonstop and have constantly been skeptical of monetary policy in this country. This policy can best be described as a combination of Sam Bankman-Fried’s and Bernie Madoff’s management styles—combined and on a sovereign scale.
Putting aside whether or not I’ll eventually be proven right with my skepticism, or if I am engaging in a lifelong, fruitless campaign against the world’s most successful monetary policy (like I give a shit), the one catalyst I have always considered devastating to the central banking model is the public’s awareness of just how it works.
Make no mistake about it: inflation and corporate bailouts that widen the inequality gap are definitely horrifying. What makes it more nefarious, I have argued, is the fact that most people don’t understand how it happens. This takes place in the “dark machinery of the night,” to borrow some imagery from Ginsberg.
And if there’s one thing I’ve given Bitcoin credit for over the last decade, it has been empowering the younger generation to understand how central banking and fiat currency work. Regardless of whether or not Bitcoin turns out to be a successful investment, I have not witnessed such an effective tool for empowering people with the knowledge of how central banking works as I have with Bitcoin.
