Amazing. Look at how silver has held its value for 23 centuries
First, I take you back to 1971 to President Richard M. Nixon (Tricky Dick) and his famous “let’s go 100% fiat money” speech in the first part of this video. He said “temporarily”. Politicians lie.
Simon Black explains why silver is a monetary metal further.
Thousands of years ago in ancient city of Babylon, specially trained scribes gathered each day in the Temple of Marduk to record the day’s events.
They used cuneiform writing instruments and clay tablets, over 1200 of which still survive today.
These scribes kept excellent records, detailing astronomical observances and water levels of the Euphrates River, as well as market prices for the most popular commodities like wheat, barley, and wool.
It’s incredible that we have detailed records of grain prices going back thousands of years.
The ancient Babylonians quoted grain prices in shekels, a unit of weight equivalent to 8.33 grams of silver.
Over the 3+ century period between 384 BC and 60 BC, for example, the price of barley averaged 0.02053 shekels per quart in Babylonia.
At 8.33 grams per shekel, this would be equivalent to about 0.171 grams of silver per quart, or about $3.75 based on today’s silver price.
After converting the unit of measurement from ancient quart to modern hundredweight (cwt), that means that barley in Babylonian times sold for $5.23 per cwt when priced in today’s dollars.
And according to the US Department of Agriculture, yesterday’s price for barley was… $5.25 per cwt.
Amazing. When denominated in silver, the price of barley is almost exactly the same as it was thousands of years ago.
In other words, if a farmer from 23 centuries ago had sold a quart of barley, he would have received 0.171 grams of silver.
Fast forward to today and that 0.171 grams of silver would buy almost the exact same amount of grain as it did 23 centuries ago.
This is an important reminder, especially today as the entire financial system waits with bated breath to see if the US Federal Reserve will raise interest rates for the first time in nearly a decade.
It’s ultimately a complete farce. Our entire financial system is based on awarding total control of our money to a tiny, unelected committee of bureaucrats.