“Jürgen Stark, former vice president of the Bundesbank, and also former chief economist of the ECB, resigned in late 2011 for his outright rejection to the purchase of government bonds by the ECB.  The monetary system was saved in 2011 through concerted action by major central banks worldwide. But, according to Stark, the whole system is ‘pure fiction’.  The problem is the monetary model itself. That is, the printing of paper currency without real backing and the multiplier by which the commercial banks can expand credit-uncontrolled without prior savings. Stark recommended allocating part of this fictional savings to investment in traditional ‘safe havens’ such as gold or silver.”

http://globaleconomicanalysis.blogspot.com/2014/05/former-bundesbank-vice-president.html

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