Return of the Gold Standard as World Order Unravels

THE DAILY TELEGRAPH: As the twin pillars of international monetary system threaten to come tumbling down in unison, gold has reclaimed its ancient status as the anchor of stability. The spot price surged to an all-time high of $1,594 an ounce in London, lifting silver to $39 in its train.

On one side of the Atlantic, the eurozone debt crisis has spread to the countries that may be too big to save - Spain and Italy - though RBS thinks a €3.5 trillion rescue fund would ensure survival of Europe's currency union.

On the other side, the recovery has sputtered out and the printing presses are being oiled again. Brinkmanship between the Congress and the White House over the US debt ceiling has compelled Moody's to warn of a "very small but rising risk" that the world's paramount power may default within two weeks. "The unthinkable is now thinkable," said Ross Norman, director of thebulliondesk.com.

Fed chair Ben Bernanke confessed to Congress that growth has failed to gain traction. "Deflationary risks might re-emerge, implying a need for additional policy support," he said.

The bar to QE3 - yet more bond purchases - is even lower than markets had thought. The new intake of hard-money men on the voting committee has not shifted Fed thinking, despite global anger at dollar debasement under QE2.

Fuelling the blaze, the emerging powers of Asia are almost all running uber-loose monetary policies. Most have negative real interest rates that push citizens out of bank accounts and into gold, or property. China is an arch-inflater. Prices are rising at 6.4pc, yet the one-year deposit rate is just 3.5pc. India's central bank is far behind the curve. Continue reading and comment » | Ambrose Evans-Pritchard | Thursday, July 14, 2011

Harvard Prof. Niall Ferguson on Decline of America and Rise of a New Global Economic Order
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Part 2:



Part 3:

Tony Blair on the New World Order
Watch FT video here >>> | Thursday, January 8, 2009
Read my essay on this: A New World Order >>>

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Peter Oborne: Apocalypse Now? New World Order Could Have Devastating Implications for Western Nations
DAILY MAIL: Almost exactly seven years ago Al Qaeda terrorists targeted their hijacked planes into the Twin Towers at the heart of New York’s financial centre — and the world was transformed.

There were no deaths this week, but the effects of the carnage on the financial
markets will be far more profound and destabilising than the 9/11 atrocity.

For almost all of us, it will, I predict, be a change for the worse, and for a large
minority the consequences will be extremely distressing.

The Western world — Britain, Europe and the U.S. — has moved from excess to
austerity overnight. This week’s financial typhoon will savagely impact living
standards.

In due course, it will topple governments and lead to a permanent transfer of
economic and political power from Europe and America to the emergent and, in some
cases, such as China, semi-barbarous economies in the East.

I know I will be accused of being unnecessarily apocalyptic and irresponsibly
negative, but I believe that the greatest mistake we can now make is to
downplay the seriousness of the situation and bury our heads in the sand.

The seismic events which have seen the near-destruction of the investment banking sector and the collapse of insurance giant AIG are on the scale of the Great Crash of 1929.

That was such a disaster because it created conditions for the emergence of fascism in continental Europe and then World War II.

Although it is hard to predict the consequences, we should expect ramifications of equal significance — including the re-emergence of violent Far Right parties across the globe.

Some experts were talking this week as if the financial crisis was nearly over. They
 could not be more wrong. The downturn has only just begun — and for most citizens
uninvolved with finance the consequences have not been felt at all.

But they will be felt very soon and very brutally. The British economy is in the same position as the Texan coast earlier this month as Hurricane Ike approached — apparently calm, with life going on as normal, but an almighty storm is raging just
over the horizon and heading our way with terrifying speed. Peter Oborne: Apocalypse Now? New World Order Could Have Devastating Implications for Western Nations >>> | September 20, 2008

Cross-posted at A New Dark Age Is Dawning >>>

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
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