With respect to a country’s central bank, the demand that it sell its gold holdings and put the countervalue into the government’s coffers for important social projects – such as, above all, increased “research” trips around the world by professors. – However, such a measure, even if it takes place in individual steps over time, can only take place once: this obvious fact is always forgotten in the discussion. In times of need, the central bank would then no longer have reserves with a value in the object itself (intrinsic value). This is because the exchange of gold for bonds of any kind also creates contractual claims on the issuers of the securities, who would no longer be able to meet their obligations in an emergency. – Gold is therefore by no means an outdated, backward remnant of dark times (“barbaric relict”), as can often be read with reference to the national economist John Maynard Keynes [18831946]. By the way, Keynes did not mean gold at all, but the gold standard as a currency equalization mechanism – see gold sacrifice, gold reserve, gold reserves, German.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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