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A chronology of panics, mania, crashes, and collapses
–– 400 BC to present ––
Those who think it can’t happen here, or that it’s different this time around, should take note of the number of black swan events in American history alone. The record is formidable. Gold ownership is traditionally a form of battening down the hatches against these recurring storms and, for the minority who adhere to it, an effective and ever-ready defense. Historian Stanford University historian Niall Ferguson summed up what a good many were thinking in the wake of the 2008 meltdown when he said, “Those few goldbugs who always doubted the soundness of fiat money – paper currency without a metal anchor – have in large measure been vindicated. But why were the rest of us so blinded by money illusion?” Why indeed. . . And why is that blindness still at play in the current crisis?