“We don’t mind confessing that we lack a sense of whether their trading broke any regulations. It’s hard to imagine, though, that whatever they did amounts to more than a hill of beans — a flyspeck — compared to the havoc that the rest of the custodians of our monetary system have wreaked in the past generation.”
USAGOLD note: The New York Sun goes on to lay out a short history of the demise of the dollar against gold which ends by asking if “furies” driving the current crisis will be appeased by “two Federal Reserve Bank presidents being cast out into the storm.” The following chart illustrates the point the Sun makes, i.e., the plight of the dollar with gold superimposed since 2001.
Gold and the purchasing power of the dollar
(2001 to present)
Sources: St. Louis Federal Reserve [FRED], Bureau of Labor Statistics, ICE Benchmark Administration