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NEW YORK — The double-header may be an endangered species in baseball, but a double-header of a different sort last night swept Manhattan, where nearly 1,000 people swarmed into an auditorium on the Upper West Side to hear luminaries debate the question of the gold standard and across town a packed auditorium heard a billionaire investor liken fiat paper currencies, including America’s, to toilet paper.
For the gold standard in the packed debate were one of the city’s most celebrated journalists, James Grant of Grant’s Interest Rate Observer, and a former director of the Office of Management and Budget under President Reagan, David Stockman. Against were a member of GMO’s asset allocation team, Edward Chancellor, and Richard Sylla, a professor of economics at New York University.
Said Mr. Stockman, “The gold standard wouldn't have allowed forty years of deficits . . . Nations were compelled to live within their means. . . . The gold standard was an honest regulator of Wall Street greed . . . nor did we [in upholding a gold standard] punish people who invested in savings accounts.”
A Billionaire Likens America's Fiat Money To Double-Ply Toilet Paper
Originally posted by TheWalkingFox
reply to post by wisdomnotemotion
I can't help but notice that he's not trading in his billions of worthless dollars for delicious gold, is he? Nor for that matter, are the many other filthy-rich One Percenters who keep telling us how terrible our monetary system is.
Yet, they all advise us to trade in our dollars for gold.