Duncan argues very lucidly that modern money is ultimately state
debt. I have a question, but first I might as well stress that I am
not a gold crank. Is it at all significant that central banks today
hold more gold than ever, perhaps 500f all the gold that has ever
been produced? If they are worried that off-loading the gold would
destroy the valuation of reserves throughout the credit system, what
is the significance of this for theory?
Costas