Shostak:

“[R]ecessions are the liquidation of economic activities that came into being solely because of the loose monetary policy of the central bank. This whole recessionary process is set in motion when the central bank reverses its earlier loose stance.”

“Rather than paying attention to the so-called strength of real GDP to ascertain where the economy is heading, it will be more helpful to pay attention to the rate of growth of the money supply.”

Gerard Baker (1 December 2006 – The Times): “Nothing seems to capture the symbolism of a nation’s decline better than a falling currency.”

“FOREVER BLOWING BUBBLES” by David Shvartsman

Kakani:

“…investment in gold is usually done by countries… [that] have a vision… Investing in gold, especially at current prices requires… out of the box thinking and guts to take a bold decision.”

Kaletsky (The Times, 4 December 2006): “there has been a certain inconsistency… between the theory that currencies are driven by trade performance and the empirical evidence of the past decade.”

Fekete:

“A gold standard does not fix the price of gold any more than the tail wags the dog. What happens is that, once gold is in circulation, it is the price of bonds and notes that governments and banks are all too anxious to stabilize in terms of the gold coin of the realm. If they can, gold gives their obligations unmatched respectability. If they can’t, then well-informed people will make their own conclusion about the quality of their paper.”

“1909 was a milestone in the history of money… [T]he notes of the Bank of France and the Reichsbank were made legal tender… It was not the disappearance of gold coins from circulation that heralded the destruction of the world’s monetary system. It was the making of bank notes irredeemable… [F]inance and treasury bills were ‘crowding out’ real bills from the portfolio of central banks in consequence of the French and German governments’ decision to make bank notes legal tender. Thus did the clearing system of the international gold system fall victim to sabotage.”

“There is no way [real] bills could circulate under the regime of irredeemable currency… A real bill is a future good. It must be maturing into a present good such as the gold coin in order to be able to circulate. It just would not circulate if it matured into another future good such as a bank note, redeemable or not.”

“The idea that the working class can save the funds out of which it can pay wages to itself is… preposterous… The only alternative to a gold standard cum real bills is the regime of irredeemable currency. But then the government has to assume the responsibility for paying the handouts of the welfare state: it has to pay workers for not working…”

“…the power to issue currency is unlimited power. Unlimited power means unlimited corruption.”