Jim Grant Says Monetary System Won’t Last & Gold Bullish
May 24, 2013
Today legendary Jim Grant told King World News that the current monetary system will not last and therefore it’s way too soon to pronounce the gold bull market is over. Grant also discussed the enormous and tragic price tag of irresponsible central bank policy. Below is the second in a series of three written interviews with one of the most highly acclaimed individuals on Wall Street which will be released today.
Eric King: “Jim, the ‘sins of the Fed’ that you referred to in one of your interviews, they are old sins. There’s nothing new under the sun, right? Except maybe derivatives. But with regards to the sins of the Fed, what price tag will we have to pay at some point? You mentioned a ‘comeuppance’ earlier.”
Grant: “The comeuppance has already been substantial. I mean how do you quantify the cost of lost opportunity for six college graduation seasons, more or less, in which young people have been thwarted in what they want to do for a living? And many of them have been kind of tossed into the casual work scrap heap. What’s the cost of that?
Now the Fed didn’t exactly cause that, but to me it has exacerbated our problems rather than solving them….