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Gold Dreams, Gold Nightmares: The Social Construction of Inflation as Delegitimation Discourse

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  • Adam Rafalovich

Abstract

Using archival data from the four most popular gold investment websites, this study is a content analysis of gold investment enthusiast (‘gold bug’) commentaries over a six-month time period, from November 2007 to April 2008. We examine gold bug discourse as a conspiracy narrative whose central tenet is the criticism of inflationary monetary policy. Gold bugs argue that the continual presence of inflation demonstrates the fundamental flaws of global capitalism and the illegitimacy of the administrative system that operates it. The invocation of inflation is the primary way in which gold bugs forecast economic conditions and the inevitable failure of those who control global monetary policy. Based upon the ontological claim that gold is the only ‘true’ store of value, gold bugs posit a sharp rebuke of monetary policy, predicting a drastic increase in the price of gold and a consequent collapse of the world's fiat currencies.

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  • Adam Rafalovich, 2011. "Gold Dreams, Gold Nightmares: The Social Construction of Inflation as Delegitimation Discourse," Sociological Research Online, , vol. 16(1), pages 21-31, February.
    • Handle: RePEc:sae:socres:v:16:y:2011:i:1:p:21-31
    DOI: 10.5153/sro.2228
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    References listed on IDEAS

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    1. Michael Bruno & Jeffrey D. Sachs, 1985. "Economics of Worldwide Stagflation," NBER Books, National Bureau of Economic Research, Inc, number brun85-1.
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