Sent to you by Bill via Google Reader:
As the banking crisis worsens, it is time to look at history and see what lessons we can pick out of the sun-washed bones of the past. The death of the British Empire prefigures our own collapse. A curious fixture here is how gold fits in. The Bank of England’s problems with gold values mirrors our own. It was 40 years from the first rush on gold in Britain in 1907 to the total collapse and flight from a gold standard and then another 40 years to the beginning of the US collapse and dropping of the gold standard. Now, both empires adrift and sinking, they struggle to create credit as cheaply as possible while trying to stop inflation, an impossible dream, a total paradox.
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