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Alasdair Macleod: Monetary failure is becoming inevitable
12:02p ET Friday, October 11, 2019
Dear Friend of GATA and Gold:
Contrary to general assumptions, GoldMoney research director Alasdair Macleod writes this week, the recent explosion in "repurchase agreements" with the Federal Reserve Bank of New York does not signify any shortage of money in the financial system. Rather, Macleod writes, money creation is increasing faster than ever, striving to keep up with the welfare state's exploding liabilities.
This money creation, Macleod writes, is exceeding the production of real goods and services and will produce what the economist Ludwig von Mises called the "crack-up boom," where inflation -- monetary debasement -- becomes so obvious that people flee currencies for real assets.
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While that indeed is the logic of infinite money, your secretary/treasurer would add that a corollary of infinite money under modern central banking is infinite commodity price suppression through the futures and derivatives markets. At some point commodity price suppression may be broken by shortages, but it has been working for central banks for many years and since commodity producers, mainstream financial news organizations and market analysts, and most investors don't seem to care about it and its destruction of markets generally, it may continue indefinitely.
Macleod's commentary is headlined "Monetary Failure Is Becoming Inevitable" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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