Book description
"The need for realism in reform of its monetary system is what
makes Bernstein's story of the Power of Gold so timely. It is a
compelling reminder that maintaining a fixed price for gold and fixed
exchange rates were difficult even in a simpler financial
environment….Peter Bernstein was reluctant to project the story of gold
into the future. But to me his message was clear. Yes, gold will be with
us, valued not only for its intrinsic qualities but as a last refuge and
store of value in turbulent times. But its days as money, as a means of
payment and a fixed unit of account are gone."
-From the New Foreword by Paul Volcker
This bestselling book reveals a record of human nature in the
ubiquity of gold with a new foreword by Paul Volcker
In this exciting book, the late Peter L. Bernstein tells the story of
history's most coveted, celebrated, and inglorious asset: gold. From
the ancient fascinations of Moses and Midas through the modern
convulsions caused by the gold standard and its aftermath, gold has
led many of its most eager and proud possessors to a bad end. And
while the same cycle of obsession and desperation may reverberate in
today's fast-moving, electronically-driven markets, the role of gold
in shaping human history is the striking feature of this tumultuous
tale. Such is the power of gold.
Whether it is Egyptian pharaohs with depraved tastes, the luxury-mad
survivors of the Black Death, the Chinese inventor of paper money, the
pirates on the Spanish Main, or the hardnosed believers in the
international gold standard, gold has been the supreme possession. It
has been an icon for greed and an emblem of rectitude, as well as a
vehicle for vanity and a badge of power that has shaped the destiny of
humanity through the ages.
- Discusses the beginnings of gold as something with magical,
religious, and artistic qualities and follows its trail as we
progress to the invention of coinage, the transformation of gold
into money, and the gold standard
- Other bestselling books by the late Peter Bernstein: Against
the Gods, Capital Ideas, and Capital Ideas
Evolving
- Contemplates gold from the diverse perspectives of monarchs and
moneyers, potentates and politicians, men of legendary wealth and
others of more plebeian beginnings
Far more than a tale of romantic myths, daring explorations, and the
history of money and power struggles, The Power of Gold
suggests that the true significance of this infamous element may lie
in the timeless passions it continues to evoke, and what this reveals
about ourselves.
The late Peter L. Bernstein was President of Peter L.
Bernstein, Inc., an economic consulting firm for institutional
investors he founded in 1973, after many years of managing billions of
dollars in individual and institutional portfolios. Bernstein was also
the author of ten books on economics and finance, including the
bestselling Capital Ideas, Capital Ideas Evolving, and Against the
Gods: The Remarkable Story of Risk. His writing combines the zest of a
historian with the meticulous analytical powers of an economist.
