"When I suggested in an editorial last year that a gold standard should be adopted, I was summarily dismissed in the most condescending fashion by economists and journalists alike who proclaimed that I didn’t understand economics or currencies or monetary history.
I’m pleasantly thrilled to discover that the president of the World Bank, Robert Zoellick, also shares my ignorance. He announced today that he felt a gold standard was just the thing to be incorporated into a “co-operative monetary system that reflects emerging economic conditions.”
Writing in the Financial Times Monday, Zoellick pointed out that, “Although textbooks may view gold as the old money, markets are using gold as an alternative monetary asset today.”
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