In Gold We Trust? The Future of Money in an Age of Uncertainty (Kindle Single) [Kindle Edition]

Michael Green (Author), Matthew Bishop (Author)

Book Description

In Gold We Trust? uses the surge in the price of gold in recent years as a lens to explore the future of money. The economic crisis has caused a crisis of confidence in the dollar, the euro and all money based on the promises of governments. Gold fundamentalists think we should turn back the clock to a system where money is based on gold. Most mainstream economists think this is madness and expect the current system to muddle along. Both are wrong. We argue that rather than being immutable, money is a technology. And, like all technologies, it evolves as what expect from it changes. In a multipolar world, the global economy cannot be based on the dollar, which represents the wobbly promises of the US Federal Government. Instead, we expect money to evolve into a “portfolio” of monies. Gold, because it is familiar, has been investors' first choice in building their monetary portfolios. It won't be the last. The story of gold is therefore not about a return to past certainties but an indicator of an uncertain, unpredictable future for the technology we call money.

Editorial Reviews

Amazon.com Review

Money began some 5,000 years ago when coins were introduced as units exchangeable for a handful of barley. From this point on, the story of money and its evolution gets quite interesting. Economist writers Michael Green and Matthew Bishop take readers on an exquisite journey through the history of money and its entanglements with philosophers, physicists, rulers, wars, criminals, the discovery of the Americas, and, later, economists. All forms of money, as it turns out, fail with alarming frequency. Fiat currencies--money that is created and backed by a government such as the US dollar or the Euro--fail when people lose trust in the institutions that backs them. Commodity currencies--such as silver coins and gold-backed notes--fail for many more reasons, such as debasement, supply issues, and politics (governments often outlaw commodity money and switch to fiat currency to ease recessions or to fund wars). So where does gold figure into the monetary system? According to the authors, an oversight by Sir Isaac Newton eventually led to gold-backed paper money--a highly problematic, short-lived experiment. So what's next in the evolution of money? In Gold We Trust? explores that frontier in its last chapter. Both highly engaging and well-crafted, this Kindle Single encompasses technology, economics, politics, history, and psychology as it explores the past and future of money. --Paul Diamond

From AudioFile

Product Details

• File Size: 197 KB
• Print Length: 92 pages
• Publisher: The Economist Newspaper Limited (March 5, 2012)
• Language: English
• ASIN: B007GE9KPO
• Text-to-Speech: Enabled
• X-Ray: Enabled
• Lending: Not Enabled
• Amazon Best Sellers Rank: #180,848 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
  • #53 in Kindle Store > Kindle Singles > Reporting
  • #54 in Kindle Store > Kindle eBooks > Business & Investing > Economics > Money & Monetary Policy

Most Helpful Customer Reviews

12 of 14 people found the following review helpful

5.0 out of 5 stars Glitters (but more than just about gold) March 8, 2012

By Amar Bhide

Format:Kindle Edition

A compact punchy romp through the long and fascinating history of money -- and the role of governments. Though brief, hits the crucial issues. Fine analysis of the current issues too. And beautifully written of course. (And unlike the first reviewer I did read it!)

5 of 5 people found the following review helpful

5.0 out of 5 stars An intelligent analysis of money past, present and future March 16, 2012

By AlisonS

Format:Kindle Edition

Not since Tony Hadley's assessment of gold has there been such an insightful analysis into this most precious of metals role - both in economies globally and historically.

While Green, Bishop and Hadley always believed in the fact that gold's popularity would be bound to return - due to it's indestructible qualities, I wasn't so sure.

But are these gold's salad days? Not everyone seems to agree.

For someone whose grasp of global economics was based upon dodgy 80's vinyl - I for one needed a book like this.

3 of 3 people found the following review helpful

5.0 out of 5 stars Excellent, Comprehensive, Fair and Essential Reading for those interested in Gold and Money and the future of each May 11, 2012

By S.Flood

Format:Kindle Edition|Amazon Verified Purchase

There are a few books that sum up quite so well the background to gold, its role in the world and the differing views as to its future, as this book does. As someone in the gold business I cringed a little with the gold bug references and the fanatical sound money crowd swipes that were made. I feel that there is a middle ground of gold supporters who see gold as a functional tool in managing risk. I would have liked to have seen space devoted to gold's role in a modern portfolio, its behaviour in times extremis and the ways in which people can avail of gold safely. I also think the advent of credit and its effect on societal spending habits should have been explored better. Aside from these very slight reservations I think the authors have done themselves, and the Economist magazine, a great credit by publishing this book. I think mainstream journalist who repeatedly adopt extreme positions on gold as an investment should read this book before writing on the topic. As someone who works in the industry (GoldCore.com),I will advise all of my clients and potential clients to read this book.

More About the Author

Michael Green is an economist and author. His books, written with Matthew Bishop, deal with the big economic trends in the world, with a particular interest in how capitalism can better serve people and planet. He was formerly a senior official in the British Government where he worked in aid and development. Prior to that he worked in Poland,teaching economics at Warsaw University and as a freelance journalist. He is a graduate of St Peter's College, University of Oxford. Michael lives in London.