|Economist and bankster Willem Buiter|
Citigroup’s chief economist Willem Buiter, who believes we should move to a cashless society and has said that he thinks gold is a “6,000 year bubble” now says that in the current low interest rate environment he has become a fan of gold.
“It competes with other fiat currencies, the dollar, the yen, the euro. And if these currencies now yield negative interest rates or are at risk of negative yields in the U.K. and the United States, then the currency that at least has a zero interest rate, looks better,” he told Epoch Times in an interview.
He still maintains that gold is a fiat commodity that has limited intrinsic value because it doesn’t have many industrial uses, and only has value because people say so. But he admits this is true of all paper currencies and bitcoin as well and gold may even have an advantage right now.
“I will never argue with a six thousand-year-old bubble. So gold, in times of uncertainty and especially in days of uncertainty laced with negative rates looks pretty good,” he said.
But he is still a crazed money printer at heart. "It’s much more efficient of course to produce paper money without cost if it can be managed well, rather than the costly way to extract and store gold," he said.
Thus, exhibiting that he has no understanding of what should be a simple fact, that one of the reasons gold is attractive is that it can only be produced in limited quantities and not produced at will the way paper money can. There is a natural check with gold against massive monetary inflation.