http://www.businessinsider.com/robert-zoellick-gold-standard-2010-11
On the even of the G20 Summit, World Bank Chief Robert Zoellick has what will be a much-talked-about op-ed in the FT regarding the topic du jour: the currency war.
In it he lays out multiple ideas including a specific plan for yuan appreciation, an end to unilateral currency interventions, a focus on growth via "supply-side-bottlenecks (i.e. structural adjustment), and perhaps most surprisingly: gold.
He writes:
The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values. Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.
EURUSD 1.39505 -0.00802 -0.57% 1.40849 1.39184
GBPUSD 1.61276 -0.00530 -0.33% 1.62127 1.61025
USDJPY 81.222 -0.020 -0.02% 81.429 81.133
USDCHF 0.96551 +0.00414 0.43% 0.96689 0.96011
USDCAD 1.00185 +0.00195 0.20% 1.00329 0.99933
AUDUSD 1.01242 -0.00317 -0.31% 1.01651 1.00890
GOLD 1390.58 -2.55 -0.18% 1398.30 1388.55
SILVER 26.81 +0.10 0.37% 27.00 26.58
Read more: http://www.businessinsider.com/robert-zoellick-gold-standard-2010-11#ixzz14hsgnP2X
On the even of the G20 Summit, World Bank Chief Robert Zoellick has what will be a much-talked-about op-ed in the FT regarding the topic du jour: the currency war.
In it he lays out multiple ideas including a specific plan for yuan appreciation, an end to unilateral currency interventions, a focus on growth via "supply-side-bottlenecks (i.e. structural adjustment), and perhaps most surprisingly: gold.
He writes:
The system should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values. Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.
EURUSD 1.39505 -0.00802 -0.57% 1.40849 1.39184
GBPUSD 1.61276 -0.00530 -0.33% 1.62127 1.61025
USDJPY 81.222 -0.020 -0.02% 81.429 81.133
USDCHF 0.96551 +0.00414 0.43% 0.96689 0.96011
USDCAD 1.00185 +0.00195 0.20% 1.00329 0.99933
AUDUSD 1.01242 -0.00317 -0.31% 1.01651 1.00890
GOLD 1390.58 -2.55 -0.18% 1398.30 1388.55
SILVER 26.81 +0.10 0.37% 27.00 26.58
Read more: http://www.businessinsider.com/robert-zoellick-gold-standard-2010-11#ixzz14hsgnP2X
