Rudiger Dornbusch
In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.
Content: Quotation | Author: Rudiger Dornbusch | Subject: Economics
When the Gold Standard Lost Its Lustre
“Today gold is redundant; the bond market has replaced it as the ultimate restraint on central banks’ temptation to use monetary expansion as a short cut to prosperity. And, increasingly, inflation targets and institutions such as independent central banks create lastingly stable money. There are few certainties in international finance. But here is one: gold as part of the international monetary system is dead.” … [ Read more ]
Content: Article | Author: Rudiger Dornbusch | Source: Financial Times | Subjects: Economics, Finance