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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Canuck Dave who wrote (13959)	5/15/2004 10:02:59 AM
From: orkrious	Read Replies (1) \| Respond to of 110194

I just love Doug Noland I liked the following sction even better <g>, but the whole piece was excellent. It's clear he thinks the market dynamics are changing and we're approaching some kind of inflection point. The classic gold standard was a monetary regime constructed to preserve financial and economic stability. Specifically by implementing a mechanism to limit monetary expansion, lending excesses would be restrained and severe economic imbalances avoided. Members of this regime were committed to the stability of the system, and viewed a disciplined approach to monetary and economic affairs as a prerequisite to sustainable growth and prosperity. That chairman Greenspan and others can today contend that contemporary central banking has evolved to the point of accomplishing similar results as those propagated by gold-backed monetary regimes is among the most outrageous propaganda ever espoused in the annals of finance. At the very minimum, it misses the very essence of the gold standard’s role in nurturing general monetary stability. Today’s unstable system of “Global Wildcat Finance” is the absolute antithesis to a sound gold-backed monetary regime.