Gold

Breathe deeply: we are not headed for monetary chaos. We do not need to return to the gold standard. The story of money is one of evolution; the gold standard came along at a specific point in that journey. We have outgrown it — in practice. Psychologically, its grip is likely to be rather more […]

In praise of Bernanke, and a tutorial on money

From domestic critics to foreign governments, Ben Bernanke is taking heat for QE2. At the centre of domestic criticism is fear that the Federal Reserve’s endlessly growing balance sheet can only end in tears. Also unhappy areĀ US trade partners and emerging markets whose domestic interestĀ rates make their currencies irresistible to US and other rich-world investors. […]