What’s the Only Money That Can’t Be Debased?

In 1980, global assets, including property, were less than $20 trillion. Today almost 40 years later they have grown to $524 trillion. That is a compound annual growth rate of 9% which is quite remarkable for a 38 year period. Global assets have gone up 26 fold during this period.

In the same period, gold went from an average price of around $650 in 1980 to $1,300 today. So whilst global assets have gone up 26x since 1980, gold has just managed to go up 2x. Admittedly gold started at $35 in 1...