Loading ...[But the report is delightful for its presumption that gold is for the great unwashed while modern financial assets are for more sophisticated people, people gaining “financial literacy.}
FT imagines ‘financial literacy’ is defeating gold in India
by cpowell on 03:08PM ET Wednesday, August 21, 2019. Section: Daily Dispatches
11:11a ET Wednesday, August 21, 2019
Dear Friend of GATA and Gold:
Predictably enough the Financial Times report today that is appended here underplays the Indian government’s unending war against gold, while acknowledging that the government’s paperization campaign has failed so far.
But the report is delightful for its presumption that gold is for the great unwashed while modern financial assets are for more sophisticated people, people gaining “financial literacy.” You know — people who don’t mind that valuations can be changed abruptly by government policy rather than market fundamentals, people who aren’t worried about central bank destruction of interest rates, people who are sure that they couldn’t possibly be scammed by financial houses, and people who can be persuaded that assets can be hypothecated to infinity without anyone ever realizing that they are oversubscribed.
That is, people who believe everything they read the Financial Times.