by James Rickards
Daily Reckoning
The gold debate is usually conducted between global monetary elites who disparage gold and so-called “gold bugs” who stack coins in their basements awaiting the end of the world. Both sides go too far.
But what happens when a bona fide member of the elite endorses gold? That’s an earthquake, and it just happened!
Kenneth Rogoff, Harvard professor, chess grandmaster and author of the widely acclaimed book This Time Is Different, just sent shock waves through the global elite by recommending that emerging-market central banks buy gold to diversify their portfolios away from dollar holdings.