As you might expect, the article contains the usual quote by Keynes about
gold being barbaric. (He was in favour of going back onto the gold standard
if the value of the pound had been re-pitched after WWI.)
What would Keynes have said about the way that the dollar (and the pound)
are now depreciating (against all other assets). It actually amounts to
daylight robbery by governments. If (with a nudge and a wink) a country's
central bank can bring ints interest rate to below the inflation rate, then
the government is reducing its national debt. This is what Japan did in the
1990s (and have just resumed doing). This is what America is doing and also
the UK. The Eurozone hasn't yet started inflating its euro but it won't be
long.
In short, those who've saved money or invested in pension funds are
subsisizing borrowers in a massive way. All this has been since we
abandoned the gold standard and had no stake to tie the value of currencies
to. The US, Japan and UK governments are criminal on a massive scale and
Krugman says nothing about them.
Keith
At 06:36 12/04/2013, you wrote:
<http://www.nytimes.com/2013/04/12/opinion/krugman-lust-for-gold.html?hp>http://www.nytimes.com/2013/04/12/opinion/krugman-lust-for-gold.html?hp
REH
From: Keith Hudson [mailto:[email protected]]
Sent: Thursday, April 11, 2013 11:27 AM
To: RE-DESIGNING WORK, INCOME DISTRIBUTION, EDUCATION; Ray Harrell
Subject: Re: [Futurework] Gelt
The NYT article is all very glib and I'm sure a lot of readers will be
encouraged to sell their personal gold. If there was any clear logic in
the article it's to be found at the end with what Peter Schiff says.
Keith
At 14:29 11/04/2013, you wrote:
According to the Science Channel, the Ancient Astronauts no longer need
gold to run their space ships.
REH
<http://www.nytimes.com/2013/04/11/business/gold-long-a-secure-investment-loses-its-luster.html?hp>http://www.nytimes.com/2013/04/11/business/gold-long-a-secure-investment-loses-its-luster.html?hp
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