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Jim Rickards: Central banks mislead about gold to preserve their monopoly on money
11a ET Wednesday, August 26, 2020
Dear Friend of GATA and Gold:
Jim Rickards' new essay at The Daily Reckoning demolishes the most common disparagements about gold's monetary properties and explains why governments and financial elites hate gold and strive to mislead the world about it.
Rickards writes: "The bottom line is that economists know that gold could be a perfectly usable form of money. The reason they don't want it is because it dilutes their monopoly power over printed money and therefore reduces their political power over people and nations. ...
... Dispatch continues below ...
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"Central banks have a monopoly on central bank money. Gold is the competitor to central bank money and most central banks would prefer to ignore gold. Yet central banks in the aggregate are net buyers of gold.
"In effect, central banks are signaling through their actions that they are losing confidence in their own money and their money monopoly. They're getting ready for the day when confidence in central bank money will collapse across the board. In that world, gold will be the only form of money anyone wants."
Rickards' commentary is headlined "Central Banks Driving Gold" and it's posted at The Daily Reckoning here:
https://dailyreckoning.com/central-banks-driving-gold-2/
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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