It won’t happen tomorrow but slowly but surely the world is moving from dollars. The petrodollar system which has been key to the world economy over the last 40 years is eroding. More and more country to country deals are being done in currencies other than the dollar. The economic world as we have known it, after Bretton Woods in the Cold War Era, the post Cold War era, and the post 9-11 era is fundamentally shifting. The dollar is not what it once was. It is no longer “almighty” and one should be prepared.
What can I say? The guy is right. He’s right almost all of the time, and on this point he is especially right.
It’s not just Greenspan, suddenly it’s respectable to come out against the Federal Reserve. The attached article is a case in point.
The consumer is feeling renewed stress. Gas prices are up. Food prices are up. But incomes are stagnant or down generally.
Gold, God’s money. The only thing every person in the world wants, and every government.
“The problem is the fiat world should end as well then.” – Rick Santelli
Noam Scheiber writing for the New Republic tells us that ” the gold standard is nuts– and perfect for today’s GOP.” ” Mr Scheiber confesses to ” knowing…only… a little” about monetary policy. Just as well to start with this caveat, but why start hurling accusations about a subject on which you are completely ignorant?
Keynesians loathe gold. They loathe it because it ties their hands. They want to be Masters of the Universe. The universe however has other plans as it has shown time after time after time. Ever notice that the econometricians NEVER seem to get things right?