The True Gold Standard (Second Edition)
"China's foreign exchange reserves have not increased for almost two years...."
The Califia Beach Pundit provides an extraordinarily canny assessment of Chinese monetary policy, its dollar peg, foreign exchange accumulation, and gold's commodity price:
There has been considerable speculation by savvy observers -- such as financier and author James Rickards -- that "China this year or next will announce a tripling or quadrupling of its gold reserves after acquiring the metal surreptitiously." As Evans-Pritchard observes in the UK Telegraph, "It is no secret that China is buying the dips, seeking to raise the gold share of its reserves well above 2pc. Russia has openly targeted a 10pc share. Variants of this are occurring from the Pacific region to the Gulf and Latin America."
The FT observed in late 2011, central banks are net buyers of gold for the first time in 20 years.
Can a classical gold standard be far behind?
Oct 20, 2014
Lawrence H. White is an economics professor at George Mason University who teaches graduate level monetary theory and policy. Lawrence White As described by the Wikipedia, "White earned his BA at Harvard University (1977) and PhD at the University of California at Los Angeles (1982). Before his current role at George Mason...
The Federal Reserve System's James Narron and David Skeie, career officials with the Federal Reserve System, are two eminent historically erudite figures. Writing in the New York Federal Reserve Bank's online publication, Liberty Street Economics, they recently provided a continuation of their valuable historical "revue," Crisis Chronicles: The Collapse of the...
Jul 23, 2014
An article headline in Saturday’s Wall Street Journalread “Rate Talk Heats Up Within The Fed.” As Journalreporters Jon Hilsenrath and Michael Derby...
Apr 15, 2014
Key Monetary Writings
I’m grateful for the invitation to take part at the 2014 annual Association for Private Enterprise Economics (APEE) conference in...
Why the Gold Standard?