In either case, the world’s love affair with central banking and fiat money is over. Lord Keynes’ “barbarous relic”, gold, will become money again. In fact, there is a private sector system already in place for just that. It is called “bitgold”, which is an internet-based payments system that facilitates instant payment for any good or service in grams of gold.
Jay Zawatsky is CEO of havePower, LLC, a Maryland-based energy infrastructure developer, and Adjunct Professor of Business and Business Law at Montgomery College in Rockville, MD.
Image: Creative Commons/Flickr.