An independent professional's take on the latest news and trends in global financial markets

Currency debasement (continued)

Highlight of the first morning of the CFA Institute conference in Edinburgh, which I am attending in various capacities, was a laconic and entertaining session with Jim Grant, the Editor of Grant’s Interest Rate Observer, in which he cleverly skewered the follies of US monetary policy and advocated the return of some form of market-based monetary system (preferably backed by gold) in place of the current debasement system he described as the “PhD standard” (so called in ironic tribute to Ben Bernanke’s academic credentials). He quoted approvingly William Buckley’s comment: “I would rather be ruled by the first 450 names in the Boston phonebook than by the faculty of Harvard”.

Written by Jonathan Davis

May 9, 2011 at 1:41 PM

Posted in Uncategorized