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December 24, 2007
Speaking of commodity currencies
It isn’t exactly the e-gold model, and it isn’t yet relevant to ordinary Americans, but this announcement from Standard Chartered Bank represents an interesting step: Corporate, SME and Institutional Clients of Standard Chartered Bank in the UAE are now able to trade physical gold accounts through On Line Treasury (OLT), Standard Chartered's comprehensive Request for Quote FX service …. In other words, if you qualify, you can move funds between your gold-denominated account and your accounts denominated in any of the leading fiat currencies, at the current exchange rate, with the click of your mouse. This is an extension of Standard Chartered’s OLT service which already allowed online foreign exchange (FX) trading. I've looked at the online demo, and it looks as easy as making a "Buy It Now" purchase on eBay. How long before this sort of thing becomes available to retail customers in the US? Posted by Lawrence H. White at 03:03 PM in Economics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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