WSJ fails Economics 101, declares gold all but worthless, says owning gold is “an act of faith”

Friday, August 14, 2015
By Paul Martin

by: J. D. Heyes
Friday, August 14, 2015

The one commodity that has historically held value during the toughest of economic times and, for a time in global history, was the world’s primary form of currency, isn’t really worth anything.

Or so says a pundit at the nation’s financial paper of record, The Wall Street Journal.

As reported by Zero Hedge, the WSJ pundit, Jason Zweig, who compared gold to a “pet rock,” is part of a cabal of mainstream media journalists who are attempting to wage a propaganda campaign against the precious metal with the goal of talking down its value in a time of (perceived) economic boom (strong dollar, low interest rates, rising stock market).

As ZH noted, this phenomenon has happened before. Some 16 years ago The New York Times’ Floyd Norris opined on May 4, 1999, “Who Needs Gold When We’ve Got Greenspan?” In his piece he essentially proclaimed gold “just another commodity” that was on the road to eventual obscurity:

Is gold on its way to becoming just another commodity? The people who run the world’s financial system are doing their best to secure that fate for the metal that once was viewed as the only ‘real’ money.

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