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The Gold View From The Montana Log-Cabin As The Fed Is In A Jackson’s Hole

By Nigel Somerville | Sunday 28 August 2022


There is an old fable amongst musicologists described in two questions: a) what is it that we try to learn from the great masters and b) why do we fail. The answers are a) how to get out of a hole and b) because they don’t get into one in the first place. This week the economic masters of our time got into a hole – Jackson’s Hole – and are wondering how to get out. The problem is that the economy is itself in a hole – squillions of unpayable debt and acre upon acre of magic money trees – and there is no way out. The solution, of course, would have been not to sink into such debt, financed by printing money, in the first place – but they dare not admit it.

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