Phillip Lowe has never been right about anything. Central banks the world over with their Keynsian policies are the reason the world is in such a financial mess. Lowe say " money works best when it is backed by the central bank or the state". WRONG!!! Money works best when it is backed by gold and maybe other commodities. Otherwise once the users of a particular currency lose confidence it is all over. It is happening with the USD right now.
