Genovia goes back to gold!

Sir no one could dare argue against the wisdom of keeping cellar space for wine, that could be so much needed to help celebrate that what you have invested in gold does not glister, which is something like celebrating that no one has collected on your life-insurance policy, or drowning your sorrows because all you got left is gold (and the wine you are drinking) as all the rest has become worthless.

Of course rushing into gold can as you say be a risky business, “All that glisters” October 6, but let us also remember that for those blessed with resources to do so, not keeping something in gold might be even more risky.

These day’s I have much wondered what would happen if on FT’s front page the principality of Genovia announces that they are indeed going back to gold parity. If Ireland can run their “brave” guarantee schemes, why cant Genovia?

On trusting and hacking

Sir, Benn Steil’s “Digital gold and a flawed global order”, January 5, serves quite well in reminding us about not digging too deep into the reasons for this extraordinary trust that a generally very suspicious world has shown most of their politicians over the last few decades by being willing to accept their printed money against the sole backing of the imprint of a “In God we trust” and, to top it up, this in days were fever people seem to trust God, at least by church going standards. The other thing the article does is of course to alert us to the significant retooling those old Fort Knox plunders have to do in order to be able to hack themselves into the vaults of digital gold.

Steil gold trust