Ambrose thinks they might be:
=> Bond market calls Fed's bluff as global economy falls apart
As Voltaire once said:
"Paper money eventually returns to its intrinsic value - zero."All of the rest is merely detail. Yes, it has been a 75 year detail, since the world came off a particularly weak version of the gold standard in the early 1930s, and a 35 year detail since the last vestige of gold was destroyed by Richard Nixon in 1971, but details they remain, nevertheless; Voltaire was right.
The only question now, is how can we get to a strong 100% gold reserve standard as quickly as possible, and with as little pain as possible?
No doubt our regal politicians will make this process as slow and as painful as they are able, because the more money is gold, the less power they have; but in the end game they will be unable to prevent its emergence.
Let's hope they don't blow us all up first, though, in WWIII, before this move back to real money can finally come to pass, a few hundred years after we left it.
UPDATE: Uncle Gary North has written a great article on how the Fed has dug itself into the world's biggest ever fiscal hole:
=> The Federal Reserve's Self-Imposed Dilemma
(I think when the French Mississippi Bubble collapsed, its inflationary instigator, John Law, was kicked out of France and died penniless in Italy. One wonders whether a similar fate is in store for Bernanke and his mentor Greenspan!)
UPDATEII: Lew Rockwell has been sent a hilarious Marc Faber video in which the Good Doctor tells it like it is:
"The US Government should be [rated as] junk [bonds]".Check it out. The CNBC presenter winces as if punched, when the Good Doctor delivers the accurate news. Key quote at 1 minute and 47 seconds: