Former Federal Reserve Chairman Bernanke answers no.
By Dr. Paul Craig Roberts: And so do America’s youth. Awhile
back I posted videos of a podcaster who would offer Americans a
one-ounce gold coin worth approximately $1,800 for one piece of chewing
gum, only to be refused. The
youth, who pay with credit cards, not with cash, think money is
digital. Consequently a bitcoin is worth many times the value of a gold
coin despite the fact that a bitcoin’s value is nebulous and can decline
thousands of dollars in a day.
And, apparently, gold and silver are not money for people worried
about inflation that is allegedly so serious that the Federal Reserve is
engineering a recession and pension fund and Big Bank wipeout to stop.
With inflation high and financial investments paying so little, why
haven’t people sought to protect their purchasing power by going into
gold and silver? Gold and silver prices have fallen while inflation has risen. This is nonsensical.
Part of the answer is that the US dollar is high despite high
inflation. This normally nonsensical relationship is because the UK
pound, euro, and yen are adversely impacted by economy shutdowns due to
Covid lockdowns and energy shortages created by Washington’s Russian
sanctions,