| This is one of the most difficult and challenging times our country and the world have ever faced. I think these times offer just one potential win-win solution both as an investment for individuals and as the essential underpinning of a new world order: gold. One thing I have noticed about the war in Ukraine is how clearly it has shown that powerful economies, especially democracies, must anchor their growth to the limits imposed by its material foundations. As natural resources grow scarcer, any economy that tries to grow without increasing output from fixed amounts of natural resources will run into trouble. The U.S. experienced its greatest times in the half century after the Civil War and the 30 years after World War II. It's no coincidence that in these periods, the dollar was anchored to a gold standard, ensuring that economic growth was tied to productivity. Growth was aligned with deriving output from units of human labor and units of natural resources. |
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