From the Inside Flap
In the first years of this new century, the price of gold nearly tripled. Why should today's investors take notice? Because gold is the ultimate competitor to the U.S. dollar. In this age of increasing global competition and military conflict, ignoring the gold market could be devastating for anyone seeking to build wealth over the long run. A vote for gold is a vote against the dollar, against paper money . . . and paper assets. It's a way of saying, "Yes, we know Mr. Bernanke, Mr. Bush, and Goldman Sachs are doing a good job, but it might be a good idea to have some REAL money, just in case."
The world's commercial centers have used one or another variant of a gold standard for most of the last three millennia. And for good reason: gold forces governments to be fiscally responsible and it provides a stable environment for rapid economic growth as well as a safe environment for individual investors to grow their own wealth.
For the last thirty-five years, the U.S. government has been able to "print" money at will. If history is any guide, this government will do as all governments have in the past: overprint, causing the currency to crash. Inevitably, they will be forced to return to the gold standard, but at great expense and with considerable suffering. Investors who are not prepared will suffer the most.
Unfortunately, asserts Nathan Lewis, both advocates and detractors of the gold standard grossly misunderstand the inner workings of this human institution. In making his case for a return to the gold standard, Lewis takes a whirlwind tour of money in all its forms, from the seventh century B.C. to the present day, explaining in straightforward layman's terms the effects of inflation, deflation, and floating currencies along with their effect on prices, wages, taxes, and debt.
Lewis also provides an engaging history of U.S. money and offers a sobering look at recent currency crises around the world, including the Asian monetary crisis of the late 1990s and the devastating currency devaluations in Russia, China, Mexico, and Yugoslavia. And, in doing so, explains why making gold a part of your portfolio has never been more important than it is today.
The ultimate conclusion of Gold: The Once and Future Money is simple but powerful: the gold standard produced decades, even centuries, of solid money and economic abundance. If history is any guide, we can and shouldabandon this era of easy money and return to the stability of the gold standard.
From the Back Cover
Praise for GOLD
"When it comes to international monetary economics, most economists fail to connect the dots. In many cases, they fail to even see them. Gold doesn't suffer these problems. Nathan Lewis's book is a readable account of the present in light of the past for purposes of the future."
Steve H. Hanke, Professor of Applied Economics, The Johns Hopkins University
"Gold is the ultimate hedge against crisis and inflation. You can't depend on paper money assets to protect you during a panic. Hard assets are the only guarantee as an insurance policy against bad times. This book gives you the historical perspective to prepare you for the unknown."
Mark Skousen, Editor, Forecasts & Strategies
"Gold: The Once and Future Money is a 'how-to' manual for understanding the true nature of money and a guide to the action you should take to protect your wealth."
Byron W. King, Editor, Outstanding Investments
"A money payment must involve a tendering of tangible money, gold, or silver, or of a credit instrument entitling the owner to the undoubted right of its redemption, in gold or silver. As Nathan Lewis makes clear, the world, as of the year 2007, does not possess a means of payment. That humanity is unaware of the stupendously important fact that it lives in a world without money is perhaps the most singular feature of our contemporary world."
Hugo Salinas Price, President, Mexican Civic Association Pro Silver
"In this delectable tome, Nathan Lewis describes the booms, busts, the bubbles, and the crises in the economies of dozens of countries, from centuries ago to the present day. It is a romp through history, illuminating along the way money in all its formsfrom wampum and shells to silver and goldand details the catastrophic effects of inflation, deflation, floating currencies, and every kind of tax a government functionary could dream to impose on an economy. Gold highlights the folly of human beings throughout history who think 'the economy' is but a machine to be tinkered with and fine-tuned like a Bentley, or worse, a rusty Yugo."
From the Foreword by Addison Wiggin, author, The Demise of the Dollar