Draghi lit the markets' fire with hot money pledges in Europe, but the metals were firmly capped. This is standard operating procedure, especially on the day before a Non-Farm Payrolls report. Intra-day commentary on single currency monetary theory and political organization here. It amazes me how few people seem to understand this. A single currency, which therefore dictates a single monetary policy, cannot span a political geography that does not have a tightly unified fiscal arrangement including transfer payments and revenue adjustments to accommodate regional conditions. Period. This is why the push for a single world currency, while maintaining the promise of national independence, is a malignant myth of the would-be money masters. Bill Gross says he prefers gold to bonds. Directionally correct, but his choice of investment instrument (GLD) is probably more risky than he realizes.
