Gold Standards, The World Bank & Fiscal Responsibility

James West
www.MidasLetter.com
15 November 2010

Since World Bank president Robert Zoellick put forth the idea for a new global currency that was influenced by the price of gold, the global media has pounced on his remarks, and completely misconstrued them to report that he was advocating for a 'return to the gold standard'. First of all, (and I do apologize Mr. Zoellick if I misinterpret some of your statements inadvertently), what was most noteworthy about his statement was not so much that the new monetary instrument would be linked to gold, but that we need a new currency. He's openly advocating for the replacement of the U.S. dollar as the official instrument of trade for the world, which is, in reality, the first meaningful step in repairing the global financial system and returning to a state of economic health. Small wonder it was the U.S. mainstream financial outlets that dominated the assault on Zoellick......read on