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Politics : Stockman Scott's Political Debate Porch
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To: stockman_scott who wrote (10952)1/1/2003 9:59:18 AM
From: Jim Willie CB  Read Replies (1) of 89467
 
excellent, Scotty, from which I pulled the star quotes:

Last year Ferdinand Lips, a well respected Swiss banker, produced a fascinating book called Gold Wars which is described in the sub-heading as “The Battle Against Sound Money as Seen From a Swiss Perspective.” In it he runs through the history of gold as the basis of currency from the Roman Empire, which started to go into decline when Nero debased the coinage, to the present day when gold is simply being ignored in favour of paper currencies. To the Western bankers and portfolio managers he poses two question, ‘What confused logic compels them to leave no room for gold in their portfolios? Do they really think that stocks of companies with no earnings or bonds in troubled currencies are sensible long term investments?”

His contempt for politicians who have pressurised central bankers into selling gold assets for paper is a recurring theme throughout the book. “ I will not ask anything of the politicians because they will never change. All they have done with their politics is to destroy the purchasing power of money. Free people will always believe in gold , and when the economic and monetary situation offers nothing but despair, they will want to get rid of the printing presses and the politicians.” Westerners are finding it difficult to appreciate just what a mess the present monetary system is in, so gold has so far made only a modest advance from US$270 to US$350/oz over the past year. But China and its friends have been accumulating bullion and this may prove to be only the beginning of the beginning of a new world order.
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