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Gold & Underground Economy

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I have warned that the role of gold will be primarily as an underground currency. As governments become more and more desperate, people turn to alternatives. I have also explained that as Rome debased its currency, a two-tier economy emerged. Not even the government would accept its own money back for taxes. They imposed taxes in bullion terms so the coinage had to be melted down to pay your taxes. This is a Tax-Collector bar illustrating he melted down the coinage for tax purposes.

Taxes were also imposed “in kind” whereby they just came and took possessions. History repeats because the passions of man never change. Given a set of circumstances, like a rat in a maze, the same choices are continually made throughout time. They never change.

Right now, as unemployment rises beyond 50% in many regions of Southern Europe among the youth, entrepreneurship has become the alternative, Likewise, just as was the case in Rome, people are turning to barter for governments are failing. Pay attention to Greece, for what trend you see there will emerge here.