He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III

Monday, November 08, 2010

Yes! Yes! Yes!

Robert Zoellick, World Bank President, called for an international monetary system using gold as a reference point.

With the Fed's new program of quantitative easing (known in the 70s as "monetizing debt"), the international community is tired of Washington's narcissistic "beggar thy neighbor" program of dollar depreciation. Zoellick is courageous for floating the idea of returning to real money and "coordinated floating" exchange rates, but the unanchored floating stuff is too attractive to spendthrift politicians.

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