“When a social construct (gold as money) survives for 6,000 years, I would expect curious people to inquire as to whether it is tied to some immutable underlying law, or otherwise investigate if there is something more here than meets the eye. Not so curiously inclined, our court economists prefer to write this off as a 6,000 year delusion. That says a lot about the sorry state of the economics discipline today.” - A Financial Times reader responds to Citigroup economist Willem Buiter’s description of gold as a “6,000 year-old bubble”, July 2012. “I don’t think the question really is what is gold worth, but what are currencies not worth.” - Shayne McGuire, Director of Global Research at the Teacher Retirement System of Texas, October 2009.

22 October 2021