Tuesday, June 30, 2015

James Grant* Explains 
"Our" 3 Biggest Financial Mistakes
James Grant* spoke at Russell Napier's Library of Mistakes in Edinburgh .. "I am going to put discretionary monetary rule by former college professors at the head of the list of errors over which our descendants will roll their eyes. Deflation-phobia and inflation-philia come next, followed by a general willful ignorance of financial history." .. Grant recounts one of Churchill’s retorts to opponents who worried that the gold standard would shackle the pound to the U.S.$: "I will tell you what it will shackle us to. It will shackle us to reality." .. Grant says that the challenge with a gold standard is with the details of its implementation - not whether the gold standard works - "The failure of the half-baked gold exchange standard discredited the true-blue gold standard. The failure of the successor, the post-WWII monetary system known as Bretton Woods, discredited the very ideas that currency values should be fixed or anchored." .. Grant hopes for the financial system to go back to a gold standard.
LINK HERE to the article

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