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overtheedge
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Ambrose Evans-Pritchard: Italy should use gold reserves to change EMU policy - Chris Powell - GATA

Pretty tough to beat gold as collateral.

However Mr A E-P as well as most everyone else just doesn't get it.

When you're grossly in debt, borrowing more is never a good idea. Now couple this with the idiotic idea that economic growth can grow indefinitely and the stage is set for total collapse.

But for the sake of argument, let us assume borrowing against gold brings in needed cash for operating loans to productive businesses. Who is all this additional production going to be sold to? Either the prospective buyer is already drowning in debt (developed countries) or they have no money (third world countries).

Surely you don't think the 1% can and will buy all the world's products.

With the rapid rise of automation and robotics, there will be few job opportunities for unproductive, STEM illiterate bipeds outside of government bureaucracies.

Never encourage stupid people to breed.

Commented 4156 days ago

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Beginning of the headline :By Ambrose Evans-Pritchard The Telegraph, London Thursday, May 2, 2013 http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100024392/it... The World Gold Council has advised Italy to deploy its 2,000 tonnes of gold to break free of European Monetary Union austerity dictates. By using the reserves -- the world's fourth largest -- to collateralise the first chunk of any losses for bondholders, Italy could raise E400 billion or so on the capital markets and determine its own future for a w... Read More

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