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Home > Authors > Keith Weiner > The Crime of ’33, Report 27 May

The Crime of ’33, Report 27 May

May 30, 2019 by Philip Barton

Friday 31st May, 2019

Monetary Metals is a commercial company and its weekly commentary has been kept separate from the Institute website.  However, there is no better economic commentary out there and the insights are so profound, that they demand republishing on this website.

In this issue, it is not just the first part, though that is interesting enough, the second part, ‘The Supply and Demand Fundamentals (How Not to Launch a Gold Standard) is just as good.

“No amount of gold reserves can push a gold standard into the world as it exists today. It can only amount to a price-fixing scheme, where the government stands ready to buy or sell gold at its official price. When the market decides it wants the gold, it will buy relentlessly until the central bank runs out of gold and abandons the peg – alternatively they can abandon the peg earlier.”`

“To the extent they understand that the present system will collapse (we would not bet on this), they want the next thing. They may even think that next thing will be a government-managed, centrally banked, centrally planned gold standard. But if so, we can say for certain: it will not work.”

Filed Under: Keith Weiner

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