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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: wsringeorgia who wrote (43269)12/3/2000 2:02:31 PM
From: Don Lloyd  Read Replies (1) of 436258
 
WRS -

...The point of all this is that if gold were the single standard, I think it would be manulipated just like any other vehicle.
...

Under current circumstances, I agree with you. However, a true free market gold standard would also imply the effective absence of central banks as currently formulated. The presence of the central banks means that the central bankers can sell gold for non-economic reasons which does not reflect their marginal utility of gold. In fact they are using their gold in such a way to demonetarize gold so as to maintain their ability to continue to produce fiat money. A banker selling his own personal gold will act in a much different manner than he does as a bureaucratic economic intervener.

Regards, Don
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