Real Clear Markets/John Tamny/5-3-2022
“Were he around, Adam Smith would marvel. All this talk of a ‘strong,’ ‘weak,’ or as is often said lately, a ‘mighty’ dollar. Wait, what? Money just is, yet pundits of the moment quite literally act as though money grows on trees such that it grows ‘stronger’ today, but perhaps not tomorrow.”
USAGOLD note: Tamny, an economist and editor at Real Clear Markets, ends up centering this discussion around gold while he attempts to define what makes money a stable measurement of value. He says it should be no different than an inch, a foot or a minute. It is what it is. “No one,” he says, “talks about a ‘strong inch’…” It is the fact that the dollar is not a constant measure of value, in our view, that makes gold an important long-term portfolio inclusion.
