Ah, Lawrence Summers was, if I am not mistaken, the Secretary of the Treasury, during the second term of Prez Clinton, and he wrote and presented a paper that, in effect, reiterates John Maynard Keyne's dictum that "gold is a barbaric relic."
As a matter of fact, during his term in office, the price of gold was relentlessly manipulated downwards to shore up the value of the dollar and the economy of the USA remained strong and upbeat. There was also a Plunge Protection Team ever ready to shore up the stockmarket whenever equities took a nosedive. In short, the strong dollar and the buoyant market was actually all smoke and mirrors, and snake oil stuff. But they worked, like it or not.
Because the POG was artificially driven down and suppressed during Clinton's watch, thanks to Sumners, the POG has now bounced back with a vengeance in response to market forces. So much for that.
Rightly or wrongly, I believe Sumners' ouster might have been engineered by invisible Republican forces. Perhaps this is the beginning of a drive to "Republicanize" all insititutions of learning. Recall that when Jeb Bush became governor of Florida, he systematically removed all Democrats and their supporters from almost every nook and cranny in the Florida government to make it almost 100% Republican.
BTW, here is a good read relating to that:
hermes-press.com
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