Wealth

The real Goldfinger: the London banker who broke the world

Goldfinger, the 1964 Bond film, is based on a premise that is incredibly foreign to today’s audiences: moving gold between countries was illegal. Oliver Bullough in The Guardian asks us all to think about that a bit more:

The US government tried to defend the dollar/gold price, but every restriction it put on dollar movements just made it more profitable to keep your dollars in London, leading more money to leak offshore, and thus more pressure to build on the dollar/gold price. And where the dollars went, the bankers followed. The City had looser regulations and more accommodating politicians than Wall Street, and the banks loved it. In 1964, 11 US banks had branches in the City of London. In 1975, 58 did.

If regulations stop at a country’s borders, but the money can flow wherever it wishes, its owners can outwit any regulators they choose.

As The Useful Becomes Useless, It Becomes Art

The story here isn’t about why I’m on the Kate Spade mailing list. The story is about their new line of “paper.” It’s stationary, of course. The kind of formal paper people use to send out wedding invites and thank yous and whatever other little missives that email or AIM seem too uncouth for. I […] » about 300 words