The Gold Pool (1961-1968) was one of the most ambitious cases of central bank cooperation in history. Major central banks pooled interventions – sharing profits and losses – to stabilize the dollar price of gold. Why did it collapse? From at least 1964, the fate of the Pool was in fact tied to sterling, the first line of defense for the dollar. Sterling’s unsuccessful devaluation in November 1967 spurred speculation and massive losses for the

The real threat to the U.S. in the future is not China, but rather the U.S. itself. … That’s because it has not yet realized that a big era is coming and the financial capitalism that the U.S. represents will reach its peak and then start falling. On the one hand, the U.S. has already taken full advantage of benefits that capital generates. On the other hand, via the technological innovation that the U.S. leads,

Now, China can’t engage in a massive construction boom because they don’t have the dollars to buy the iron ore and the galvanized steel and everything else they have to buy that they don’t have sourced domestically… They are desperately short all of these resources, therefore they have to constantly import them… In four short years, their imports of crude oil have gone up 50%. So this is China’s problem. This is the “you can’t