From Bill Bonner’s Diary (USA) –
Believe it or not, Ted Cruz has made a “return to the gold standard” campaign promise.
Yes, distinguished voice of the Deep State Martin Wolf on the pages of London’sFinancial Times could barely spit out the words. He regards the gold standard as a priest might view the devil’s tail…
The Establishment – great and good as it is – can live without NATO. It can survive without Israel, for that matter. But the gold standard would be a stake driven right through its black heart.
In a podcast interview with Chris Lowe yesterday for lifetime subscribers of TheBill Bonner Letter, we explained:
The whole world’s financial system is built on a corrupt dollar. Gold-backed money is very different. It has real value. Because you can’t increase the quantity of gold at will. And you can’t provide unlimited phony credit to the world economy.
Somebody’s got to earn… and save… every dollar you lend out. So, you can’t artificially jack up Japan’s economy in the 1980s… or China’s economy in the 1990s and 2000s. In a sound economy, each dollar represents real resources… real savings… real wealth… that has been set aside so it can be invested to create more wealth.
At least, that’s the way the way it is supposed to work.