Free Republic

Hong Kong’s push to become a global gold trading and reserve hub highlights a sharp contrast between real assets and endlessly printed fiat money. While the United States continues expanding its money supply — diluting purchasing power through debt-driven policies — China and now Hong Kong are moving in the opposite direction, stacking tangible wealth in the form of gold. By targeting storage capacity of over 2,000 tonnes within three years and rolling out tokenized gold investment tools, Hong Kong is positioning itself at the center of a new gold-based financial system. Unlike dollars that can be created with a...

Rainer Zitelmann's book, How Nations Escape Poverty, is particularly interesting for American veterans who served as G.I.s in Vietnam or for those who may have lost their fathers or family members in the conflict. The irony of history is that the communists initially won — however, upon establishing their socialist regime across Vietnam, they came to realize what a huge mistake they had made. Today, young Vietnamese in particular admire the USA and capitalism, as Zitelmann’s book shows. He asked the Vietnamese which economic systems they admire and which they reject. According to the survey data, people in Vietnam have...

Eight-year-old Phung Xuan Vu and his 10-year-old brother were responsible for fetching food for their family, which was in the constant grip of hunger. They were living in Vietnam in the 1980, so this required ration cards. One of the family's most important possessions was a booklet of vouchers for food. As the older child, Vu's brother took care of the booklet, knowing that if he lost it, the family would have nothing to eat. The vouchers inside were printed on waxy yellow tissue paper. They meant the difference between going hungry and having something to eat, although it was...