{"id":4061,"date":"2011-07-21T07:59:38","date_gmt":"2011-07-21T13:59:38","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=4061"},"modified":"2011-07-21T07:59:38","modified_gmt":"2011-07-21T13:59:38","slug":"the-scourge-of-the-faith-based-paper-dollar-jim-grant-foresees-a-new-american-gold-standard-despite-wall-streets-stake-in-monetary-chaos","status":"publish","type":"post","link":"http:\/\/www.zmetro.com\/?p=4061","title":{"rendered":"The Scourge of the Faith-Based Paper Dollar: Jim Grant foresees a new American gold standard despite Wall Street’s stake in monetary chaos"},"content":{"rendered":"

Holman Jenkins:<\/a><\/p>\n

Jim Grant’s father pursued a varied career, including studying the timpani. He even played for a while with the Pittsburgh Symphony. But the day came when he rethought his career choice. “For the Flying Dutchman overture,” says his son, “they had him cranking a wind machine.”<\/p>\n

The younger Mr. Grant<\/a>, who can be sardonic about his own chosen profession, might say he’s spent the past 28 years cranking a wind machine, though it would be a grossly unjust characterization. Mr. Grant is founder and writer of Grant’s Interest Rate Observer, perhaps the most iconic of the Wall Street newsletters. He is also one of Wall Street’s strongest advocates of the gold standard, knowing full well it would take away much of Wall Street’s fun.<\/p>\n

You might say that, as a journalist and historian of finance, he has been in training his whole life for times like ours\u2014in which the monetary disorders he has so astutely chronicled are reaching a crescendo. The abiding interest of Grant’s, both man and newsletter, has been the question of value, and how to know it. “Kids today talk about beer goggles\u2014an especially sympathetic state of perception with regard to a member of the opposite sex,” he says of our current market environment. “We collectively wear interest-rate goggles because we see market values through the prism of zero-percent funding costs. Everything is distorted.”<\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Holman Jenkins: Jim Grant’s father pursued a varied career, including studying the timpani. He even played for a while with the Pittsburgh Symphony. But the day came when he rethought his career choice. “For the Flying Dutchman overture,” says his son, “they had him cranking a wind machine.” The younger Mr. Grant, who can be […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,5,41,33,35,9,17],"tags":[],"_links":{"self":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4061"}],"collection":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4061"}],"version-history":[{"count":1,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4061\/revisions"}],"predecessor-version":[{"id":4062,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4061\/revisions\/4062"}],"wp:attachment":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4061"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}