Wednesday, January 9, 2008

Financial Times: "Gold is the new Global Currency"

Part of Ron Paul's platform has been to change the tax laws to allow for competing currencies. He is often made fun of for saying the dollar should be backed by something real, like gold, as it was before 1971. I guess some people are starting to agree. The Financial Times has been anti-gold for years. But a recent editorial in the Financial Times titled Gold is the new Global Currency states "In today's uncertain world, the yellow metal is back in fashion....A better way to think of gold may be as central bankers used to before America dropped the gold standard: not as a commodity, but as another currency. As long as the dollar stays weak, gold's bull run will last."

The pundits said Ron Paul was crazy kook for supporting gold-backed currencies. I guess the editors of the Financial Times must be crazy kooks as well.

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