Something about the last few years has really brought out the kooks

[KrazyHorse]

First, the governor of the Bank of England proposes eliminating fractional reserve banking

Then comes the possibility that everybody's favorite monetary wackjob will be chairing the House committee on domestic monetary policy

And most recently, the president of the World Bank advocates a gold standard



We are so ****ed...

[SlowwHand]

We've been ****ed since the 50's.

[DriXnaK]

Just out of curiosity KH, are you a fan of Keynesian economics?

[DaShi]

I remember hearing some absurd rant about returning the to gold standard. I think it was on the Colbert Report.

[Barnabas]

They are right! gold standard

[Al B. Sure!]

“The scope of the changes since 1971 certainly matches those between 1945 and 1971 that prompted the shift from Bretton Woods I to II,” Mr Zoellick writes. “Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.”

Blah? What does this mean? Who in the commodity markets is using gold as a monetary asset? I thought gold is only traded for speculative reasons or for an inflation hedge.


Oh and I googled this guy:

He was previously a managing director of Goldman Sachs

KH

He has a law and public policy background so no economics education, by the way.

[KrazyHorse]

Do you really think I'm unaware when someone in such a high profile position is an alum?

It doesn't make him any less of a kook

[Al B. Sure!]

Why do you call it 'alum' like Goldman Sachs is a university. Why don't you just say former employee?

[KrazyHorse]

Because it's a tradition

[Arrian]

It is a university. It hands out Master of the Universe degrees.

-Arrian

[Tupac Shakur]

Nicely said.

[Cort Haus]

Hawkwind

[KrazyHorse]

It is a university. It hands out Master of the Universe degrees.

-Arrian

M.Bs

[Guynemer]

Also in This Week In Bat**** Nuttery:


This guy is now in the running to be chairman of the House Energy and Commerce Committee:

Never again will I curse the ground because of man, even though all inclinations of his heart are evil from childhood and never again will I destroy all living creatures as I have done.

As long as the earth endures, seed time and harvest, cold and heat, summer and winter, day and night, will never cease.

I believe that is the infallible word of God, and that's the way it is going to be for His creation... The earth will end only when God declares its time to be over. Man will not destroy this earth. This earth will not be destroyed by a flood.

[KrazyHorse]

A gold standard would do far more damage than we're going to do with greenhouse gas emissions