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Roubini criticizes Rickards' book without bothering to read it
5:35p ET Friday, November 25, 2011
Dear Friend of GATA and Gold:
An interview with geopolitical analyst James G. Rickards at King World News tonight illustrates the sort of dilemma GATA has experienced many times in its 12 years. Rickards recounts how this week he was denounced by celebrity economist Nouriel Roubini for failing to acknowledge in his new book, "Currency Wars," something Rickards indeed does acknowledge in the book -- that the gold standard had something to do with the Great Depression.
Roubini seems to have picked up just a little of Rickards' advocacy of restoring a degree of gold backing to the U.S. dollar without grasping a critical point of Rickards' book -- that the gold standard as restored after World War I set gold's price too low, inducing deflation. That is, Roubini is criticizing a book he hasn't bothered to read.
GATA long has been getting such criticism from various participants in the precious metals industry and the financial news media who maintain that there can't possibly be surreptitious government intervention in the monetary metals markets but who haven't bothered to examine and respond to the documentation GATA has compiled:
But then the financial world is full of people whose attitude is that if they don't already know about something, it can't be happening.
An excerpt from the King World News interview with Rickards is headlined "New Reserve Currency and Roubini Behind the Scenes" and you can find it at the King World News blog here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
The United States Once Again Can Establish
a Stable Dollar Worth Its Weight in Gold
Lewis E. Lehrman, chairman of the Lehrman Institute, sponsor of The Gold Standard Now project, has released a plan to restore economic growth through a stable dollar.
The plan, titled "The True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies," responds to the recurrent economic crises of the last century and outlines a detailed proposal for America's leadership on "how we get from here to there." That is, how we get from the present unstable paper dollar to a stable dollar as good as gold.
James Grant, author and editor of Grant's Interest Rate Observer, says of the Lehrman plan: "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman the country has finally found him."
To learn more and to sign up for The Gold Standard Now's free, noncommercial, weekly report, "Prosperity through Gold," please visit:
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