John Maynard Keynes was no fan of gold. Neither he nor any human being could eat it, and the amount of effort and labor expended at times to dig the metal up out of the ground seemed to him, and then his followers, weird to the point of harm. Yet, the inescapable conclusion remained: whatever costs expended they were clearly worth it.
Not just to the individual or group working with picks, shovels, or eventually explosives striking it rich on discovery and successful removal. The systemic benefits are historically validated, as Keynes wrote in his General Theory:
“At periods when gold is available at suitable depths experience shows that the real wealth of the world increases rapidly; and when but little of it is so available our wealth suffers stagnation or decline.”
Read Full Article »
