Ft. Knox Full of Impure Gold Unfit for International Transactions

The bulk of the US gold reserves held in Fort Knox are made up of impure “non-standard” bars that don’t qualify for use in international settlements. In practice, this means that most of America’s massive gold stockpile is illiquid and wouldn’t be readily accepted on the international market should the need arise:

“It’s a decrepit relic just like our monetary policy is. With respect to America’s gold stockpile, we hold ourselves to a lower standard than the rest of the world,” Money Metals CEO Stefan Gleason said.

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Elias Sánchez is a political economist and PhD candidate at King’s College London, where his research exa

Transparent Monetary Policy and Economic Stability

According to some economic commentators, the key for economic stability is that the central bank should state clearly the likely course of the monetary policy ahead. In this way of thinking, expected monetary policy is a factor of stability while unexpected policy sets shocks and instability. The transparency framework is based on the ideas of the Chicago School economists Milton Friedman and Robert Lucas.