the global melodrama

[Patrick Bond]

Given the crash in the gold price since the early 1980s, as Volcker 
made interest-bearing assets so much more attractive, what do 
lbo-talkers think may happen with gold (with still relatively high 
global real interest rates) if deflation gathers pace?

Our comrades in the National Union of Mineworkers are most anxious to 
find out. Any role for a store of value left these days?


> From:          "Rosser Jr, John Barkley" <rosserjb at jmu.edu>
...  There was an international gold standard and the 
> gold supply was not growing sufficiently until the 
> Alaska/Yukon strike at the end of the 1890s.  Any remember 
> William Jenning Bryan's "Cross of Gold" speech?
>      Of course the broader political economic aspect was 
> global economic domination by British capitalists.  It was 
> the Bank of England that was the enforcer of the 
> international gold standard.  The pathetic attempt to 
> return to the old peg in the 1920s was the sign of the 
> Brits wanting to go back to what they had but couldn't.
> Barkley Rosser

                      Patrick Bond
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