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Gillian Tett is the . financial writer for the Financial Times, one of the leading mainstream financial publications. Investment analyst and financial writer Yves Smith says of Tett:
[Whatever] Tett is writing about … will be taken seriously, since Tett is read by central bankers.
So it is newsworthy that Tett writes today that the odds of a return to the gold standard are increasing:
A panel at the World Economic Forum meeting in Davos … was asked to produce one concrete recommendation to fix the global financial crisis.
The top pick? … a new reserve currency, akin to an old-style gold standard….
Moreover, these musings about a gold standard are currently cropping up in all manner of unlikely places. One savvy European property developer (who aggressively sold most of his holdings in early 2007) recently told me that he is now moving a growing proportion of his assets from government bonds into gold, even at today’s elevated prices.
“The logical conclusion of where we will end up eventually is with some type of gold standard,” he explains, arguing that future inflation will almost inevitably cause a future collapse in government bonds.