Wednesday, 14 October 2009

Fiat money alchemy

Gold Coin Vending Machine Offers Profit in Case of a Bank Run

The Stuttgart-based company just unveiled its first prototype at the Frankfurt airport, which offers a 1g gold wafer for €30, a 10g bar for €245, or gold coins. The machines are wired to monitor current gold prices and adjust their rates accordingly.

Thomas Geissler, who owns TG-Gold-Super-Markt, told The Telegraph, "German investors have always preferred to hold a lot of personal wealth in gold, for historical reasons. They have twice lost everything. Gold is a good thing to have in your pocket in uncertain times.

Doesn't it seem kind of twisted to make the spectre of a financial crash into a glittering vending machine offering salvation in the event of a bank run?

Can you imagine the scene if banks started putting these things outside their front doors?