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Steve Hickel: The golden bailout plan
9:42p ET Monday, October 13, 2008
Dear Friend of GATA and Gold:
Steve Hickel writes in his essay posted tonight at Gold-Eagle, "The Golden Bailout Plan," that central banks should stop fighting gold and let it rise far enough that they can eliminate their otherwise unpayable debts by selling half their remaining gold reserves. This is a bit similar to the suggestion made in 2006 by the Scottish economist Peter Millar, who wrote in a scholarly paper that central banks would need to let gold rise into the thousands of dollars per ounce in order to avert a catastrophic debt deflation (http://www.gata.org/node/4843).
Who knows? In a year or two or three you might be able to liquidate your home mortgage just by pawning your watch or wedding ring.
You can find Hickel's essay at Gold-Eagle here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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