Source: Paul Krugman
by Paul Krugman
“I’ve never considered the price of gold an important economic indicator. After all, gold isn’t money — that is, it is neither a medium of exchange, which can be used to make purchases, nor a unit of account, in which prices are quoted. It just sits there in vaults. And I mocked right-wing commentators who hyperventilated about rising gold prices during the Obama years, claiming that those rising prices were a harbinger of soaring inflation and a plunging dollar. They weren’t. Still, gold remains an important asset. At current prices the value of the world’s above-ground gold reserves is around $36 trillion, more than a dozen times the combined value of all cryptocurrencies.” (01/30/26)
https://paulkrugman.substack.com/p/the-lowdown-on-debasement