Monday, 18 July 2011

Return of the Gold Standard? We'll see

A friend flagged up this article by Ambrose Evans Pritchard entitled "Return of the Gold Standard as world order unravels". The friend was wondering if maybe after all there was something to my near mono-mania on the subject of honest money.

The piece runs through various facts which the gold bugs have noted...
"The Bank of England wins the booby prize for selling into the bottom at €254 an ounce on Gordon Brown's orders in 1999. But Russia, China, India, the Gulf states, the Philippines, and Kazakhstan have been buying."
And then Pritchard committed a cardinal sin, which hard currency types such as I will not easily forgive.

HE MENTIONED KEYNES!

Talk about the turd in the punchbowl. Where is Keynes? I want that fucker dug up and thrown on the dungheap. I suppose that may be unfair. After all, Keynes isn't really the problem, so much as the legions of wankers who have followed his charlatan fallacies for the last 60 years.

7 comments:

Single acts of tyranny said...

Nothing mad about this at all. If people were honestly told how money came into being and given a fair critique of the gold standard rather than having it mocked their views might be different.

Trooper Thompson said...

It's the key to understanding the last 100 years of war, nationalism, socialism and statism.

Angry Exile said...

I think there's also a difference between Keynesian economics and the economics of Keynes himself. I think the ASI had something about it once but as I recall the claim was that he said state spending should be about 10% of GDP, and no more than 20% if the country was in the shit.

Trooper Thompson said...

AE,

well, Hayek used to tell a story about Keynes getting ready to slap down his disciples when he popped his clogs, but it remains the case, I would say, that his influence has been a curse on mankind. Also he was one of the chief architects of Bretton Woods and the IMF, so he can't blame that on anyone else.

Trooper Thompson said...

http://www.youtube.com/watch?v=VqU-AZh-wqU

AE,

I was referring to the last part of this clip.

Mark Herpel said...

I've got a shovel if you ever find that location! That's the best idea I've heard all year.
Mark
editor@dgcmagazine.com

Trooper Thompson said...

Thanks for the offer, Mark, however I must admit to feeling slightly ashamed of my outburst, now that the momentary rage has passed.