An interview with George Taber, author of 'Chasing Gold'
12:10p ET Friday, February 12, 2016
Dear Friend of GATA and Gold:
The enduring power of gold as money is recounted in an interview done this week by the University of Pennsylvania's Wharton School of Business with George M. Taber, a former business editor of Time magazine and author of the recent book "Chasing Gold: The Incredible Story of How the Nazis Stole Europe's Bullion."
"When the money you have in society has no value anymore, society itself tends to crumble," Taber observes, which might argue for a gold standard for currencies, insofar as gold seems to crumble less than other forms of money, especially these days as central banks rush to devalue their currencies.
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Of World War II, Taber says, "The only way the Germans could get the half-dozen wartime products that were so crucial for their war effort was to pay for them in gold or a currency like the Swiss franc, which the Germans then bought from Switzerland in exchange for gold. Gold throughout history has been a medium of finance that would always be acceptable, because there is so little gold around the world and it has such a high value."
Of course similar observations about gold's value as money have been made by a few others throughout history, including Charles de Gaulle and even former Federal Reserve Chairman Alan Greenspan.
While some observers like Casey Research founder Doug Casey insist that governments and central banks don't care about gold anymore, if the metal still contains its monetary power, they would seem foolish not to care about it. But then maybe central banks have turned from sellers into buyers of gold in recent years only because they need pretty paperweights.
The Wharton interview with Taber is headlined "The Epic Gold Heists that Financed the War for Hitler" and it can be found in both audio form and an abbreviated transcript here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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