gold standard again?

[poltergeist]

http://uk.reuters.com/article/idUKTRE6A70D020101108

[bredin]

Ive been waiting for this kind of announcement....

As the world gets fed up with debt based currencies, "lets return to the gold standard," will be the cry of everybody, "that will take the power of currency issuance back from those dastardly bankers!"

Really????

Since central banks own over 90% of the worlds gold, what does a gold backed currency mean?

It means that the central banks will be in control of currency issuance..... situation normal.... nothing to see here, just a resumption of your regularly scheduled slavery.

G.

[bredin]

But he added that it would not be practical to use modern monetary policy tools in a system that was "based on a commodity whose availability is dictated by natural conditions."

Translation:
"Its hard to create money out of thin air if we actually have to hand over gold if some pesky slave demands it"

G.