In the wake of his rock star reception at Madison Square Garden last Sunday, Prime Minister Narendra Modi emphatically announced to our nation’s top corporate and political leaders that India is now open for business.
Whatever your view of Thatch and her legacy, she was at least a sure friend of gold. Long before she abolished exchange controls in 1979, she had barked against the Gold Coins Order of 1966 in Parliament.
For the very first time in our history all money, all currencies, are now fiat. The US dollar used to be gold backed and it was the rock to which all of the world's currencies were anchored. Our 41-year experiment with paper money is almost over.
In the decades that preceded Greece's adoption of the euro in 2001 the country papered over its chronic inefficiency and lack of competitiveness with its northern neighbors through regular devaluations of its currency, the drachma.