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The author Keith Weiner
Keith Weiner
Keith Weiner is CEO of Monetary Metals, a precious metals fund company in Scottsdale, Arizona. He is a leading authority in the areas of gold, money, and credit and has made important contributions to the development of trading techniques founded upon the analysis of bid-ask spreads. He is founder of DiamondWare, a software company sold to Nortel in 2008, and he currently serves as president of the Gold Standard Institute USA. Weiner attended university at Rensselaer Polytechnic Institute, and earned his PhD at the New Austrian School of Economics.

Keith Weiner

Monetary Innovation in the Ancient World, Report 1 April

We think we are the only generation to be smart. In the 19th century, they did not have the internal combustion engine. In the 18th century, they did not have the railroad. In the 17th century, they did not have the piano. So, most people assume, they were dumb. They did not know about smart phones, so they would not have understood anything. Such as money. So let’s tell the story of the ancient city of Orinthus. They were innovators in money, millennia ahead of their time…...

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On Board Keynes Express to Ruin, Report 24 Mar

Last week, I ranted about the problem with our monetary system and trajectory: falling interest rates is Keynes’ evil genius plan to destroy civilization. This week, I continue the theme—if in a more measured tone—addressing the ideas predominant among the groups who are most likely to fight against Keynes’ destructionism. They are: the capitalists, the gold bugs, and the otherwise-free-marketers. I do not write this to attack any particular people, nor indeed as an attack at all. My purpose...

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Keynes Was a Vicious Bastard, Report 17 Mar

My goal is to make you mad. Not at me (though I expect to ruffle a few feathers with this one). At the evil being wrought in the name of fighting inflation and maximizing employment. And at the aggressive indifference to this evil, exhibited by the capitalists, the gold bugs, and the otherwise-free-marketers. So, today I am going to do something I have never done. I am going to rant! I am even going to use vulgar language (which is totally justified). In researching several recent articles, I...

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The Duality of Money, Report 10 Mar

This is a pair of photographs taken by Keith Weiner, for a high school project. It seemed a fitting picture for the dual nature of money, the dual nature of wood both as logs to be consumed and dimensional lumber to be used to construct buildings. Last week, in Is Capital Creation Beating Capital Consumption, we asked an important question which is not asked nearly often enough. Perhaps that’s because few even acknowledge that capital is being consumed, and fewer tie it to the falling...

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Is Capital Creation Beating Capital Consumption? Report 3 Mar

We have written numerous articles about capital consumption. Our monetary system has a falling interest rate, which causes both capital churn and conversion of one party’s wealth into another’s income. It also has too-low interest, which encourages borrowing to consume (which, as everyone knows, adds to Gross Domestic Product—GDP). What Is Capital At the same time, of course entrepreneurs are creating new capital. Keith wrote an article for Forbes, showing the incredible drop in wages from...

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Is Lending the Root of All Evil? Report 24 Feb

Ayn Rand famously defended money. In Atlas Shrugged, Francisco D’Anconia says: “So you think that money is the root of all evil? . . . Have you ever asked what is the root of money? Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears,...

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Central Planning Is More than Just Friction, Report 17 February

It is easy to think of government interference into the economy like a kind of friction. If producers and traders were fully free, then they could improve our quality of life—with new technologies, better products, and lower prices—at a rate of X. But the more that the government does, the more it burdens them. So instead of X rate of progress, we get the same end result but 10% slower or 20% slower. Some would go so far as to say, “The free market finds ways to work even through government...

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What They Don’t Want You to Know about Prices, Report 10 Feb

Last week, in part I of this essay, we discussed why a central planner cannot know the right interest rate. Central planner’s macroeconomic aggregate measures like GDP are blind to the problem of capital consumption, including especially capital consumption caused by the central plan itself. GDP has an intrinsic bias towards consumption, and makes no distinction between consumption of the yield on capital, and consumption of the capital per se. Between selling the golden egg, and cooking the...

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Quantum Metal Lease #1 (gold)

Monetary Metals leased gold to Quantum Metal, to support the growth of its gold distribution business through retail bank branches. The metal is held in the form of retail Perth Mint bars. For more information see Monetary Metals’ press release. Metal: GoldCommencement Date: January 31, 2019Term: 1 yearLease Rate: 4.5% net to investors

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Monetary Metals Leases Gold to Quantum Metal

Malaysia’s leading gold distributor saves money with a Monetary Metals lease Scottsdale, Ariz, February 8, 2019—Monetary Metals® announces that it has leased gold to Quantum Metal, to support the growth of its business of selling gold through retail banks. Investors earn 4.5% on their gold, which is held as Perth Mint minted gold bars in inventory. Monetary Metals has a disruptive model, leasing gold from investors who own it and subleasing it to businesses who need it, typically for...

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