Tetlom
"In round numbers, the Fed conjures about 55 million fresh dollars into existence every hour. By contrast, the entire world's gold mines only manage to extract about $15 million worth of gold from the earth every hour and US mines only extract $2 million worth of gold per hour. In other words, Ben Bernanke creates US "money" about 27 times faster than US gold mines".
Chris Mayer
for The Daily Reckoning Australia
This is mindless gold buggery!
Why should growth in money supply be constrained by the rate of gold production? Should America call a halt to economic growth if they run out of gold in the ground?
Tetlom"In round numbers, the Fed conjures about 55 million fresh...
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