by Julian D. W. Phillips, Gold Seek:
We feel it is inevitable that –in line with the World Gold Council sponsored OMFIF report on the subject—from which we will quote freely, that gold will move to a pivotal role in the monetary system over time.
There is a tendency among analysts and academics to believe that academic theory will override the final changes that the monetary system will bring about. The reality of the matter is that theory will be made to bend to suit governments and their interests and then an amalgam of the interests of the most forceful nations trying to dictate such changes. This may not reflect academic wisdom but the opinion of the most powerful nation’s interests.
With this in mind it is good to look at these interests and see whether there can be an accord that will work in the global monetary system. A look at some features of the system that currently holds sway helps us to see the pressure points that lie ahead.
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