QE3’s Ben Bernanke stokes up the gold price even more with this crass display of Keynesian ineptitude. Apparently the gold in Fort Knox (if there is any) is stored there because of ‘tradition’, and not because it is a monetary metal. Perhaps they should turn Fort Knox into a museum rather than a vault? Well, I suppose that would mean people would get to see inside and realise that it’s empty, so perhaps not.
Of course, Bernanke is soon to become a historical item himself, in the museum of failed governors of the federal reserve. But who will they replace him with? Are there any spare ‘Masters of the Absurd’ around at the moment? Is Terry Gilliam available?