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I was a 19-year-old know-it-all who was convinced that Russell was wrong about everything. It turned out I was wrong, and I have never since forgotten that lesson.
Gold is no longer regarded as money in any legal sense. Almost no one has even seen or held a gold coin, or certainly less than 5% of the population. Since 1933, money is whatever paper value either the market says it is or the government says it is. There is no more legal tie to gold.
I predict that – though it will be wrenching – Americans will be forced to save like they have not saved since the 1930s. This process will take years, and it may be the case that what has happened this year with both real estate and all other asset prices falling, we will see a new generation of savers in the U.S. and much of the world.
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