By Harry Browne

Classes FROM THE Nineteen Seventies, extra proper THAN EVER IN 2012, through HARRY BROWNE

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The paper takes on value only as it can be exchanged for gold. If the warehouse were to refuse to make the gold available, the receipt would eventually be worthless. It’s similar to storing furniture. You can’t sit on a furniture receipt; you can only exchange it for something to sit on. 2 It is obvious that no one is going to accept a piece of paper just because you want him to. He must be confident that it will eventually bring him what he wants. So there are three essential characteristics required of a worthwhile money substitute, if it is to retain its value: 1.

The larger the money supply, the higher prices are. The smaller the money supply, the lower prices are. ORGANIZED COUNTERFEITING In a free market, the gold stock would undoubtedly respond easily and quietly to changes in the volume of goods produced. If the available supply of products increased, prices would drop. It would mean each ounce of gold was now more valuable than before, and this in turn would inspire greater production of gold. On the other hand, if gold were overproduced temporarily, prices would rise and each ounce of gold would be less valuable in exchange.

It’s not a long book, because the subject isn’t nearly so complicated as we’re continually told it is. It is not a book full of abstract formulas, because the matter is much more real and practical and personal than the manner in which it’s usually described. You can understand it. You can act upon the principles involved. And you can use the coming events as the springboard for your new fortune. Or you can ignore the whole matter and suffer from that which you don’t understand. The choice is wholly yours.

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How You Can Profit From The Coming Devaluation by Harry Browne


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