Gold Reminds Governments They're Still Not In Control

Gold is a barbarous relic, so spoke Lord Keynes. Actually, what he said was that the gold standard no longer fit the times. In his 1923 work, A Tract on Monetary Reform, Keynes savaged the notion then gaining steam that the world should go back to one. All the major powers had effectively left classical gold at the outset of World War I. In its devastating aftermath and with one massive depression in between, the stakes were enormous.