COVID-19 remains a major global force, with countries around the world continuing to use stimulus packages and other efforts to curb its effects.
This activity has generated questions about what money is and where it comes from, and in his recently published book “The Money Plot,” Frederick Kaufman addresses those and other questions.
“I think that we are looking in many ways at money in a transitional mode,” he told the Investing News Network in a recent interview.
“What we’re seeing with COVID and what we’re seeing with the general economic malaise, if not disaster, is this notion that if we need money — if the US government needs to deliver US$1 trillion all of a sudden to the people of the US — it can,” he added.
Kaufman first started working on his book about a decade ago, but in many ways now is a fitting time for it to be released. As he explores the history of money, from its earliest days to the present, gold and its place among currencies is just one of the topics he covers.
“I think a lot of people are still concerned about (former US President Richard Nixon floating the dollar), and a lot of people are still thinking of gold as a hedge — that somehow money isn’t money if it doesn’t have a specific underlying value,” he explained.”
“I think in my book I am pretty much arguing the other case. I’m saying in fact that money is from the outset a metaphorical idea, and that as we move forward in history to today’s Wall Street and how people are investing in indices … that these are completely metaphorical — they’re metaphors built upon an edifice of other metaphors,” Kaufman continued.
“The greatest opportunity for money to increase and multiply and advance in the terms of Wall Street was after gold and money separated.”
So what’s in store for the future of money? Watch the video to find out more of Kaufman’s thoughts and what he hopes readers will take away from his book.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
