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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: tshane who wrote (3602)2/21/1999 12:19:00 AM
From: Hawkmoon  Read Replies (2) of 81840
 
Robert,

Let me get this straight in order to make sure I understand your concept correctly.

You would dispose of a nation's economic strength as defined by its technology and education, or political and military will, as a measure for determining the rapidity of its economic and monetary expansion.

And in its place you would create a system in which global economic expansion would be based upon the quantities of a shiny yellow metal that could be mined from the ground and controlled by wealthy financiers.

Hmmmm..... well, we'll have to disagree, I guess. I prefer the flexibility of the current system where the value of a nation's currency is determined by the economic competence and efficiency of its government and financial institutions.

But I'm a pragmatist, Richard. I believe in maintaining flexibility, not rigidity.

Think about it though. Having a gold standard effectively means that the ONLY true determinant for economic growth is the quantity of precious metal you have backing up your currency.

There will always be a system that involves "the powers that be", whether it be an Alan Greenspan/Paul Volcker in charge of Fiat monetary policy, or a JP Morgan who effectively controlled the supply of gold during the early part of this century.

Regards,

Ron
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