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Who Intervenes?

In: The Gold Cartel

Author

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  • Dimitri Speck

Abstract

The small amount of gold on loan and the lack of evidence regarding gold swaps confirm that the Bundesbank isn’t a big player in the gold suppression scheme. That is actually not too surprising, as, due to the sub-optimal course of German monetary history, the Bundesbank is probably not very open-minded about such schemes. And yet, in spite of numerous monetary catastrophes (hyperinflation, deflation and currency reform), even in Germany forces from the realm of politics, from the media and even from within the Bundesbank itself frequently urged the sale of the Bundesbank’s gold. However, they failed to hold sway. Things were different in the UK, for instance, where the central bank is also very conservative; in spite of that, the sale of gold happened. The reason is that the decision was not in the hands of the Bank of England, but in those of the Chancellor of the Exchequer – in short, the political establishment.

Suggested Citation

  • Dimitri Speck, 2013. "Who Intervenes?," Palgrave Macmillan Books, in: The Gold Cartel, chapter 0, pages 154-169, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-28643-7_28
    DOI: 10.1057/9781137286437_28
    as

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