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The crisis which was revealed in Greece showed the financial vulnerabilities that are overturning the monetary system of the world. Eventually sound money will return because it is necessary. It will be gold. Contoski shows in detail why that will be so.
Ed Contoski has once again produced a clear and convincing argument as to why a gold standard is ultimately the soundest base for national and international economy while warning of the dangers of printing up fiat "Monopoly money" that destroys economic balance and eventually wreaks havoc on any country that comes to depend on it.
As I wrote about his Makers And Takers a year or two ago, he has a rare talent for taking economic theory and figures and presenting them in a way that non-economists can both understand and retain. For general readers not familiar with Mr. Contoski's work, I would recommend Makers And Takers as a first reading, but once you've read that and found it valuable I believe the Monetary Revolution will please you as well. It's scope is narrower than M&T, but if you truly want to get a feel for the monetary disaster some of our national economies are heading toward it's definitely worthwhile.
There are two somewhat negative aspects to this book that I did not find in his earlier work. (1) It is much more detail oriented in terms of offering large amounts of exact data on the recent histories of various economies in terms of their spending, their borrowing, and their reserves. I think some readers may feel a bit lost in that amount of detail, but, as noted, if you've read Makers And Takers and are hungry for more, he certainly offers it here in spades! And (2) I don't think it's as optimistic a book as Makers And Takers. The future for the US and European economies as outlined in the Monetary Revolution looks to be one where we may well have gone too far over the edge to recover.
As an abbreviated guide, Contoski's work: The Impending Monetary Revolution, The Dollar and Gold, incorporates a new dynamic to the current monetary policy discussion.
The great U.S. has yet to suffer from the critical financial state like that of Greece--but as Contoski illustrates in The Impending Monetary Revolution, The Dollar and Gold, we see that the U.S. is not far behind and may suffer a similar fate. The status of the dollar as the world reserve currency means that the U.S. can miraculously pay off debts by simply printing money, a policy that devalues its worth. The U.S. cannot by such a policy "spend our way out of this recession" or achieve economic growth. The author deems this kind of Roosevelt-like spending "complete nonsense" and illustrates that the Obama administration has a minuscule understanding (or total disregard) of basic economics, refusing to even meet the national debt limit in mid-2011. Thus providing that government spending and the self-inflated dollar only serve to destroy jobs and deepen the nation's debt crisis.
In a strikingly perceptive voice, Contoski illustrates how the foreign-ownership trend has been accelerating as the result of increased government spending, quickening the collapse of the value of the U.S. dollar. This not-so-passively suggests that Greece is only "the first domino to fall," while the U.S. is not far behind. With the domino effect firmly in place, real estate and stock investments will not be adequate sources of monetary value--unlike Gold and Silver.
Convincingly supported by hard facts, visuals, and statistics, Contoski's persuasive book excels in the areas of ease and readability due to the author's broad knowledge and candid voice.Read more ›
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With the economic uncertainties in the world today, should America return to the gold standard? This controversial topic is the driving theme behind author Edmund Contoski's book The Impending Monetary Revolution, The Dollar and Gold. Edmund, who has 45 years of experience in international markets and has conducted investment seminars in precious metals and foreign currencies, argues that "American politicians have debauched the currency for agendas contrary to our Constitution and to get themselves elected." Whether you believe America should go back to the gold standard or not, most people would agree with the author's statement that "governments are on the verge of bankruptcy because there is no restraint-which a gold standard would provide-on their spending and manipulation of credit." Edmund Contoski has, with his book, made a topic I would ordinarily find dull and dry-namely, economics-one which is fascinating and interesting.
What are some of the points the author brings up to support his argument that the United States and the world should base the stability of their currency on their gold reserves? What's happened to Greece is one of the best examples that the media and economists use to illustrate the worst that can befall a country which spends beyond its means and borrows to make up the difference. The U.S. has not yet suffered the same types of dire problems, but that's because of the dollar's status as a world reserve currency. This means it can pay its debts by simply printing more of its own money. However, even the U.S. cannot keep printing its own money forever without eventually its currency becoming devalued-it's actually happening even now, to a degree.Read more ›
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