Red to Gold

Another remark on Grant. In his 5/20 letter, Grant reprints a speech he gave at the CFA annual meeting in early May in Scotland. In it, he builds the case for the Chinese 'red capitalism' being an exaggerated version of the hampered market model practiced in the US.

He suggests the situation in China as a 'description, writ large, of the salient error of all the world's monetary arrangements--namely the elevation of the technique of command and control over the free interplay of supply and demand.'

Grant then makes the case for the gold standard as a means for putting markets back in control.

position in gold