The Return of Real Money
Goldman Sachs says China's surge in gold imports can no longer be fully explained by private demand, raising questions about whether policymakers are quietly allowing larger gold inflows despite the growing cost of the country's trade balance.
But first, front and center on your screen, the book is out. The international monetary system is not built on currencies. It is built on collateral. That single premise drives as good as gold. The return of real money, a tight, readable account of how the world's money is actually settled, why gold underwrites it, and what happens as the system that replaced gold begins to strain like the one we're under right now. The book traces how gold once functioned as the world's settlement asset, why treasury securities displaced it, and how the modern plumbing repo markets rehypothecation keeps collateral in constant motion.
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