To: stockman_scott who wrote (10952 ) 1/1/2003 9:59:18 AM From: Jim Willie CB Read Replies (1) | Respond to 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?” 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.
