An Op Ed posted in the New York Times 04-12-2013 by Economist
Paul Krugman, Ph.D. currently Distinguished Professor, Graduate Center of the City University of New York, and Columnist for the New York Times explains the differences between
Fiat Currency elitists and "Gold bugs."
"What do I mean by goldbuggism? Not the Notion that buying gold sometimes makes sense. Gold has been
a very good investment since the early 2000s, and it’s probably not all bubble. One way to think about this is that
gold is like a very long-term bond that’s protected from inflation; and actual long-term inflation-protected bonds have
also seen big price increases, reflecting a general perception that there aren’t enough alternative good investments.
No, being a goldbug means asserting that gold offers
unique security in troubled times; it also means asserting that all would be well if we abolished the Federal Reserve and
returned to the good old gold standard, in which the value of the dollar was fixed in terms of gold and that was that. And
both forms of goldbuggism soared after 2008."