Mr. Grant is also a critic—albeit with caveats—of today's great bankers, whom he says in one respect don't hold a candle to their gilded forebears. "When you take away the downside, you take away the virtue. You take away the moral foundation of markets. You always have envy but now the envy is a little better grounded in objective facts. Taxpayers get the downside. Modern-day Wall Street gets the upside."
Tuesday, July 19, 2011
Grant on the Potential for a New Gold Standard
The always interesting James Grant was interviewed by the Wall Street Journal with most of the discussion focusing on Grant's view of the dollar (negative) and the potential for returning to a gold standard (hopeful). He also notes how today's financial system is rigged by our rules in favor of bankers: