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Before we launch in today’s instalment of the Daily Reckoning, let us quickly correct an error. Sunday is the free Gold Investment Day for the Gold Standard Institute’s conference this weekend in Canberra. You can see the program for it here . That’s the day your editor will be speaking about “Five monetary events to watch for in the next five years.” If you want to attend the presentations and discussions over the next four days, you can still do so. But you should contact conference organis

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Random Feed wrote an interesting post today on
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By Jim Willie CB, GoldenJackass.com subscribe: Hat Trick Letter A great question to ask is: what was the first important chapter written in nonsensical Economic Mythology ? It gave powerful intellectual protection and coverage by economists, and resulted in widespread acceptance. The answer is clearly the break in the Bretton Woods Accord, when in 1971 Nixon broke the gold standard and permitted the USDollar to float on a cloud of arrogance and on a wave of liquidity that i

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Random Feed wrote an interesting post today on
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By: Jim Willie CB, GoldenJackass.com Thursday, 6 August 2009 A great question to ask is: what was the first important chapter written in nonsensical Economic Mythology? It gave powerful intellectual protection and coverage by economists, and resulted in widespread acceptance. The answer is clearly the break in the Bretton Woods Accord, when in 1971 Nixon broke the gold standard and permitted the USDollar to float on a cloud of arrogance and on a wave of liquidity that is be

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Random Feed wrote an interesting post today on
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Pushing on a String Courtesy of Gary North writing at Lew Rockwell.com Back in 1973, gold standard advocate John Exter made a phrase famous in hard-money circles: “Pushing on a string.” Exter argued that prices of all assets except gold (he ignored silver) would someday collapse because of the pyramiding of debt. Banks would eventually cease to lend, out of fear of default. That would cause the default. The FED would inflate the monetary base, he said, but this would not

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Random Feed wrote an interesting post today on
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Gold standard Gold species standard Gold Bullion standard Exchange control was introduced post world war I (huge currency printed) inflation, followed by depression ‘ turmoil in 1930-s . BRETTON WOOD Conference initiative to create multilateral currency system held in 1944 ‘ led to IMF and IBRD. To start with fixed rates were introduced (vis-à-vis USD or Gold0. IMF to permit changes in valuations of currencies (almost automatic for changes upto 10%) ‘ to avoid sudden changes impacting other

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