Silver Is Money!
August 27th 2008 20:31
My final sentence in the post about Silver-Zinc batteries was this:
Besides watching for the public offering of ZPower, I would like to know how much silver is needed for each battery, for that new demand just increases the attractiveness of the precious metal.
Most of the time silver was used exclusively in daily commerce, some time with gold, but gold always functioning for large purchase and international trade only. MOST of the time the standard coin of the realm was a silver coin, with the gold coins valued in terms of the silver coins (symmetallism, not bimetallism).
Until governments got involved, Morgan says the ratio of gold to silver ranged between 2.5:1 to 16:1. As an example of how distorted the market is, Gold trades currently almost 62 times the o price of silver.
Morgan goes on to dissect the arguments against silver or bimetalism.
Morgan writes
We have now arrived at what is probably the culminating monetary and economic crisis of the last 200 years. It is possible we will see the death of national fiat currencies. It is also possible now with gold and silver backed electronic currencies that all national Central Bank currencies could be replaced within 24 months, once the panic starts.
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