DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - Something about the last few years has really brought out the kooks

**somasideff** · 11-08-2010, 09:24 PM

“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.

11-08-2010, 09:24 PM	#3
somasideff Join Date Oct 2005 Posts 471 Senior Member	“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.
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