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Gold For Bread

by Trace Mayer, J.D. on February 17, 2009 · 0 comments

Reading time: 1 – 2 minutes

As the great credit contraction grinds on those who make and eat breakfast will shift.  A significant problem with fiat currency is that the creation of new money benefits those who do not add value to society.  In contrast, a commodity currency must be a tangible asset and therefore must take work to produce.  Fiat currency encourages the unsustainable while a commodity currency forces sustainability.

Zimbabwe is a very resource rich country.  Their current financial problems have resulted in widespread anger towards the tyrant Mugabe.  Inflation leads to shortages, shortages lead to rationing and rationing leads to starvation.  I highly recommend viewing this short video by the Guardian about gold being exchanged for bread in Zimbabwe.

While the future is not etched in gold the video serves as a stark current example of what can happen as a result of legal tender laws and not properly dealing with politicians.

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Tagged as: commodity currency, credit contraction, fiat currency, gold, gold for bread, great credit contraction, Hyperinflation, Legal Tender, legal tender laws, mugabe, rationing, shortages, zimbabwe

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ABOUT THE AUTHOR: Trace Mayer, J.D., author of The Great Credit Contraction holds a degree in Accounting, a law degree from California Western School of Law and studies the Austrian school of economics. He works as an entrepreneur, investor, journalist and monetary scientist. He is a strong advocate of the freedom of speech, a member of the Society of Professional Journalists and the San Diego County Bar Association. He has appeared on ABC, NBC, BNN, radio shows and presented at many investment conferences throughout the world. This is merely one article of 238 by .
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