This week, I shared a simple but powerful lesson from one of our longtime subscribers, who goes by “Farmer Fred,” about the difference between fiat currency and real money.

Fred developed a memorable demonstration for his 26-year-old grandson. He placed an ice cube in one hand to represent $100 in cash and a Silver Eagle in the other to represent sound money.

As the ice cube slowly melted, it illustrated how inflation gradually erodes the purchasing power of fiat currency. The Silver Eagle, however, remained intact. The labor, capital, mining, and refining required to produce it were still represented in the coin.

Fred reinforced the lesson by giving his grandson pre-1965 silver dimes as a birthday gift. When Fred was 26, the same amount of silver would have cost roughly $90. Five decades later, it takes more than $1,000 in fiat currency to purchase those same coins.

The silver did not fundamentally change. The currency lost purchasing power.

I concluded with a brief preview of the latest issue of The Morgan Report. We covered oil, precious metals, some of the overexuberance surrounding recent developments in China’s retail paper market, Tether, central-bank gold buying, and blockchain’s potential role as the foundation of the next monetary system.

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