Monday, December 28, 2009
Central Banks and Game Theory
The insightful Mencius Moldbug (MM) has a 3 December 2009 post at his Unqualified Reservations about game theory and central banks, link: http://unqualified-reservations.blogspot.com/2009/12/gold-and-central-banks-game-theory.html. MM asked a question I have asked many times over the last 30 years, "I've never really understood why gold miners sell gold, beyond recouping the cost of mining". They mine gold, but would rather "invest" in paper. Crazy. Why? To appease Wall Street "analysts"? To hell with Wall Street analysts!