Earlier we posted a reply, by Dr. Bob Murphy, to an NYT blog post by Dr. Paul Krugman, wherein Murphy criticized Krugman's interpretation of certain statistics and used work by Dr. Steven Horwitz to buttress his argument. Here Dr. Joseph Salerno takes issue with Dr. Horwitz' conclusions, and adds his thoughts to the matter.
"Collectively, the central bankers of the world might agree that they do not want gold to be remonetized. Individually, it is in their interest to defect from this consensus. As the American Century decays, individual motivations tend to become more prominent. You and I are not in a free market - but the central banks are."
The current financial crisis, may progress to a phase where people demand and hoard dollar bills but take electronic deposit credits only at a discount which increases until electronic deposit credits are repudiated entirely.
Note to the Federal Government: Champagne bubbles are good. The bubbles you've been giving us? Not so much.
If you're at a table full of politicians and you can't find the scapegoat, it's you.
...and the government way.
I'm not sure it's possible that this will ever get old.by Tyler Durden from ZeroHedge
Then again, who wants a government run gold standard anyway?
All We Like Sheep A classic by Joseph Sobran fitzgerald griffin foundation