Can Virtual Money be backed by Gold?
Frank Holmes, Michael Hudson and Chen Lin return. Last time we talked with Frank he suggested that China is leading the world toward a cryptocurrency that would be backed by gold. But does a gold-backed cryptocurrency make sense if the Chinese virtual currency is engineered to remove all freedoms and liberties from every human being by governing where you go, what you buy, and what you are allowed to believe? By contrast, gold has served as the most fair, egalitarian and pro free- market money ever used by humankind. While gold systems have in the past helped to slow down government theft by way of inflation, is there any reason to think the Chinese Communist Party would allow a gold-backed monetary system to lead to a free market capitalist system? What would be the purpose then of China backing a digital Yuan by gold? Those and other questions regarding money and other market matters will be asked of Frank who is the chairman of HIVE Blockchain Technologies a company that mines Ethereum. We will get Chen Lin’s latest views on China as well as on gold and biotech markets, and Michael will update us on one of the most exciting emerging copper-silver discoveries in the world.
