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Gold is the final refuge against universal currency debasement
<DIV id=y-article-bd>Ambrose Evans-Pritchard, 14:58, Monday 27 September 2010
States accounting for two-thirds of the global economy are either holding down their exchange rates by direct intervention or steering currencies lower in an attempt to shift problems on to somebody else, each with their own plausible justification. Nothing like this has been seen since the 1930s.
We live in an amazing world. Everybody has big budget deficits and big easy money but somehow the world as a whole cannot fully employ itself, said former Fed chair Paul Volcker in Chris Whalens new book I nflated: How Money and Debt Built the American Dream.
It is a serious question. We are no longer talking about a single country having a big depression but the entire world.
The US and Britain are debasing coinage to alleviate the pain of debt-busts, and to revive their export industries: China is debasing to off-load its manufacturing overcapacity on to the rest of the world, though it has a trade surplus with the US of $20bn (£12.6bn) a month.
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<DIV id=y-article-bd>Ambrose Evans-Pritchard, 14:58, Monday 27 September 2010
States accounting for two-thirds of the global economy are either holding down their exchange rates by direct intervention or steering currencies lower in an attempt to shift problems on to somebody else, each with their own plausible justification. Nothing like this has been seen since the 1930s.
We live in an amazing world. Everybody has big budget deficits and big easy money but somehow the world as a whole cannot fully employ itself, said former Fed chair Paul Volcker in Chris Whalens new book I nflated: How Money and Debt Built the American Dream.
It is a serious question. We are no longer talking about a single country having a big depression but the entire world.
The US and Britain are debasing coinage to alleviate the pain of debt-busts, and to revive their export industries: China is debasing to off-load its manufacturing overcapacity on to the rest of the world, though it has a trade surplus with the US of $20bn (£12.6bn) a month.
Premier
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