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3.0 out of 5 stars Monetary Mysticism, 24 April 2009
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This review is from: The Euro: The Politics of the New Global Currency (Hardcover)
A mystic is a man who surrendered his mind at its first encounter with the minds of others.

The book has a chapter, indeed Chapter One, under the title "Blood and Gold". The chapter does discuss the history of the Gold Standard and the Gold Reserves of the precursors of the European Central Bank (ECB), such as the German Bundesbank and the Banque de France.

The book does however not discuss the Gold Reserves of the ECB.

Like all his colleagues, David Marsh amalgamates the Gold Reserves of the ECB with the foreign exchange (Forex) reserves of the ECB. And he speaks (only) about "the gold and foreign exchange reserves" of the ECB.

Forex reserves consisting of worthless paper money can only possibly be used for intervention on Forex markets. Such reserves are worthless, no, useless, to determine the value of a currency.

The barbarous relic, the Gold Standard, is alive and kicking, Mr Keynes.

But since we are all clashing as to the causes of this crisis, any political plan alleging that it is going to solve the crisis is acceptable for the mystics.
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