Commentary Desperate times call for desperate measures. Or tyrannical men do tyrannical things when it comes to propping up paper money whose value is circling the drain. The Financial Times headline screams, “Turkey to Target ‘Under the Mattress’ Gold in Effort to Bolster the Lira.” This in the same week that “[n]ewly appointed Turkish finance minister Nureddin Nebati delivered a sales pitch to investors in London on Tuesday, offering an upbeat assessment of the country’s economic outlook despite acute currency weakness and raging inflation,” according to “Almost Daily Grant’s”. BlueBay Asset Management emerging market strategist Timothy Ash was impressed, telling the Financial Times that “this guy had a pitch. He’d prepared. The message was clear: foreign capital is welcome. Forget about capital controls, we’re not going to do that. That’s encouraging.” But just in case, Nebati figures there is 300 million dollars worth of gold under the beds of the Turkish populous, and the government would like to …
FDR Wasn’t the Only One Who Declared War on Gold to Save Paper Money
February 23, 2022
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