In 1971, the (semi-)gold standard was abandoned and replaced by a PhD standard. Under the PhD standard, the money supply is no longer linked to the national gold reserves, but is instead at the mercy of central bankers and their arbitrary judgments. Never before did academics have so much power and influence over the financial markets.

Will the European 'QE' Make It to the Finish Line?

The Limits of Central Banking

Draghi Wants to Buy €60 Billion of Government Bonds Each Month

Another Obstacle: There Are Not Enough Bonds to Buy

Bill Gross: German Bonds "Short of a Lifetime"


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