Dear Friend of GATA and Gold:
In its editorial today, "A 50-Year Quest for Monetary Stability," the Financial Times, the posturing mouthpiece of the Anglo-American financial establishment, notes the 50th anniversary of the destruction of the Bretton Woods system of linking gold to the U.S. dollar, and, through the dollar, to all major currencies. The FT declares that "nostalgia for the gold standard is misguided and misplaced":
https://www.ft.com/content/64629a92-df97-4849-8f33-b1fe8ca0ae7a
GATA doesn't advocate returning to some sort of a gold standard. GATA advocates free and transparent markets in the monetary metals and currencies, and simultaneous disclosure of all government interventions in the markets, and thus limited and accountable government.
In that belief no one has to advocate return to some sort of gold standard, because if the gold market is ever made free and transparent and all government interventions ever have to be simultaneously disclosed, the world will perceive the false pricing of gold via derivatives and remonetize it and restore it as the world reserve currency in less than 48 hours.
Of course that is precisely why governments long have sought to drive gold out of the world financial system and have intervened openly and surreptitiously against its rising price, as documented at length by GATA here:
https://gata.org.com/node/20925
So the conclusion of the FT's editorial today is a ponderous and self-serving laugher:
"Fifty years on, the lure of gold persists, now in the false promise that cryptoassets can achieve more stability than central bank money. The true lesson of Bretton Woods' demise is the opposite: Gold and its digital equivalents are no match for wise regulation and trust between countries."
Oh, sure -- "Wise regulation and trust between countries"? Please call us when you see those unicorns grazing on the lawn of any central bank.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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Tuesday-Friday, October 19-22, 2021
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