Some things never change…

In a world dominated by unprecedented amounts of new and cheap money and debt it is always worth stepping back in saner times for some perspective.  US Senator and the longest-serving United States Secretary of the US Treasury Albert Gallatin once famously said:

“Nations, differing in language, religion, habits, and on almost every subject susceptible of doubt, have, during a period of near four thousand years, agreed in one respect; that gold and silver have, uninterruptedly to this day, continued to be the universal currency of the commercial and civilized world”