Monday, October 1, 2012

Gold-Hater at ING Gets 2012 Gold-Hater of the Year Award

Joe Weisenthal and Nouriel Roubini have some serious competition in the gold-hating camp. There's still a few months left to the year, but I am giving the gold-hater of the year award for 2012 to ING’s chief economist Rob Carnell, right here and now.

FT reports he finished an analysis on gold standards, this way:
To wrap up, gold standards may have a long tradition in Europe and the US. But then we also used to send children up chimneys and burn witches. There is little to argue for a return to such practices today.
He writes this, I remind all, at a time where we are just coming off a major economic and financial crisis caused by massive money manipulations of non-gold standard currencies and we are on the brink, warn serious economists, of major price inflation.


  1. Is this even an "argument?"

    How can one man be so clever; a three-sentence strawman? Stunning.

  2. He probably feels that way given how well our return to fiat has worked out. I mean, look at all we've accomplished in the last 40 years. The dollar has never been stronger. The funny thing is that in about 100 years from now, people will look back and regard today's mainstream economic thought in much the same light as those thinking the world was flat or alchemy. LOL

  3. And we also used to convert our wealth out of government paper into precious metals and hide it away from the thugs... There is plenty to argue for a return to such practices today.

  4. "But then we used to...".

    That is a non-answer and an intellectual cop-out.

  5. Well, the witch hunts must have worked... does anyone here know any witches? ..... why do you think that is? Just saying.

    Seriously, though, this has to be one of the worst arguments I have ever heard against anything in my life.

  6. As I never cease repeating, the anti-Austrians do not (and apparently cannot) comprehend even the most basic Austrian concepts. Instead of analysis, we just see name-calling and hysterical gibberish. And that certainly goes for those crazed and wacky MMTers.

  7. We've had fiat currency on and off since before the time of lincoln. We also had slavery, segregation and institutional racism. I'm sad to see that Rob Carnell obviously wants to re-impose these barbarous relics on us.