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Roubini criticizes Rickards' book without bothering to read it

Section: Daily Dispatches

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.


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