Market Watch-Barron’s/Stevie Rosignol-Cortez interview of Jeffrey Garten/8-11-2022
“It’s understandable that there is a huge amount of discussion today about the challenge to the dollar of the Chinese currency. And there’s also a lot of discussion that we are going, at some point, to enter an era of cryptocurrencies that would deliver a major setback to the dollar. It’s always tempting to talk about the threat to the king, but there is no plausible scenario to knock the dollar off its perch, or to change the system of flexible and floating currencies for many decades.”
USAGOLD note: If Garten is right about the present monetary system extending for “many decades,” then gold and silver ownership will be an Important part of private investment holdings for many decades as well. Since 1971 and the installation of the fiat monetary system he lauds, the dollar has lost 86.5% of its purchasing power and gold has risen 4,708%. Garten is a former undersecretary of the Treasury and the author of Three Days at Camp David: How a Secret Meeting in 1971 Transformed the Global Economy.
Gold and the purchasing power of the US Dollar
(%, 1971 to present)
US Dollar-left scale – Gold-right scale
Chart courtesy of TradingView.com
