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To: NucTrader who wrote (392898)8/21/2009 3:41:39 AM
From: Real Man  Respond to of 436258
 
I think it's a myth. Gold plays no role in a modern financial system.
However, in the old days it served us well, to prevent the situation
we are in right now. Gold has not really been used for a century, although
the Swiss abandoned that link only in 1999. In our new order a currency is
a unit of debt.

P.S. Hyperinflation in Zimbabwe is now over for good.



To: NucTrader who wrote (392898)8/21/2009 4:04:45 AM
From: Real Man  Read Replies (1) | Respond to of 436258
 
In modern days Keynesian response fails in a currency run fashion,
as debt contraction spreads to the key unit of debt, the government paper
and the currency. The dollar is not gold, it's the Fed's debt that pays
Fed funds rate.


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