Is The World About To Adopt Gold-Backed Money?

“The millennium has not arrived & the world is not about to adopt gold-backed money, never mind what World Bank apparatchik & Commissar Robert Zoellick said on 7 November in his Financial Times article. He wrote verbatim, “The system should also consider employing gold as an international reference point of market expectations about inflation, deflation, & future currency values. Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.” ‘Twas a single paragraph out of 13, & peering thru the cloud of annoying and sytlistically disgusting bureaucratic smoke-blowing, he says, “The international monetary system & its players might as well adopt gold in some remote way, because it is the measuring stick markets are already using.” Yes, his next paragraph stated broadly that the era of floating exchange rates had become an unworkable embarrassment (my paraphrase), but it will take a long time to develop something else.

“Any way you read this, nothing will happen soon. This is merely a very early bird trial balloon, like Bill Clinton’s statement a year or so ago, showing that some voices in the Establishment want gold adopted back into the system, probably because they have already loaded up their own boats with it. Somebody, after all, was buying in the late 1990s and early 2000s when governments were selling under the table, and you can bet it was those with what the Spanish call enchufe, connections. In any event, action is years away. Besides, adopting gold into the system is worse than meaningless, it will only gold plate the corrupt, fraudulent monetary system to keep it alive a bit longer. No reform will answer except a return to gold & silver money along with full & complete abolition of central banks, fiat money, & fractional reserve banking, because those are the thieves of our liberty & our prosperity.

Whew! Feels better to get that bone out of my craw. These government-bureaucrat-&-central-banking weasels make me want to puke.”

— Franklin Sanders,

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