The Power of Gold

Reviews / Votes

History of goldIt defileth notWHAT is the eternal lure of gold? Peter Bernstein is rather unpoetic on the Subject. He tell us of its "stubborn resistance to oxidation, unusual density, and ready malleability", claiming that these simple physical attributes explain everything we would want to know about the element's romance. Perhaps he is right. But consider the words of an early 17th-century English merchant, Gerard de Malynes, saying more or less the same, but in quite different tones:"Such is the qualitie of fine Gold that the fire doth not consume it.neither is it subject to any other Element.it is easily spread in leaves of marvellous thinnesse; in colour it resembleth the Celestiall bodies, it defileth not the thing it toucheth; it is not stinking in smell; the spirit of it can by art be extracted."Malynes had the bug, Mr Bernstein doesn't. Because gold's allure is rather lost on him, the author underplays the universality of its attraction, dwelling instead on the curse that has frequently befallen its admirers-from Crassus, a Roman plutocrat who died when Parthians poured molten gold down his throat, to Montagu Norman, the highly-strung governor of the Bank of England at the time of Britain's return to the gold standard in 1925.Mr. Bernstein's sympathies lie rather with John Maynard Keynes, who famously denounced gold as the "barbarous relic", and with Benjamin Disraeli, who once declared that the "gold standard is not the cause, but the consequence of our commercial prosperity." Mr. Bernstein cites this comment more than once. But is it true? Could the credit and trade of the British empire have been established on any other monetary standard? The answer is probably not. Once gold protected people against the depredations of tyrants. However, the age of democracy has legitimised flat currencies. This explains why John Law failed to impose a paper currency in France in the early 18th century (this key moment in the history of gold is strangely overlooked by Mr. Bernstein). By the 20th century, gold had become an anachronism, as Keynes correctly recognised. It took others longer to release themselves intellectually from their "golden fetters". The populace of Britain suffered for this in the 1920s, as did the Americans in the early years of the 1930s depression. Today gold is simply an adornment. Long may it remain so.--The Economist, October 14-20th, 2000 Edition ".with one illustation after another, 'The Power of Gold' amounts to extensive, sophisticated, and engrossing variations on the theme of King Midas." (The New York Times)"Bernstein's volume is a tour de force with a satisfying conclusion." (Business Week)"The range of research evident throughout the book is staggering.Bernstein's ear for the telling quote is pitch perfect." (USA Today)"Power of Gold' holds precious writing, research." (USA Today)".an entralling look at the people, places, and events that have evoked desperation and frustration in human behavior." (Library Journal Starred Review)".a master historian at the peak of his art." (Library Journal)"This book is a delight. It is informative, thought provoking and relevant." (Money Matters, April 2001)"This is a fascinating story."(The City, January 2001)"No one who even scans the pages will fail to be interested by this most fascinating of metals." (Daily Post (Wales), 6th January, 2001)"The story of gold over the last 5,000 years is a fascinating one, which Peter Bernstein relates with verve and wit." (Nature, 11th January 2001)"This is a 24-carat book on a subject close to all our hearts." (The Lady, 2nd January 2001)"There may have been more academically rigorous histories of gold written, but few more erudite or entertaining." (Global Finance, December 2000)"Packed with anecdotes and well researched, Bernstein has produced an exciting and informative book. An excellent read." (Lloyds List, 16th September 2000)"This is a fine piece of economic history. A well-documented, authoritative read, this is also entertaining.will enlighten & enthrall." (Portfolio International, December 2000)"A fascinating book." (The Scotsman, 16th December 2000)"The research is excellent." (Shares, 21st December 2000)"The Power of Gold is 'unputdownable' if you enjoy history." (Scotland on Sunday, 31st December 2000)". Bernstein, who wrote a much acclaimed book on risk (Against the Gods) does full justice to his materials. Almost every chapter contains some surprise or delight." (Financial Times, 23rd September 2000)"Bernstein's meticulous account highlights the way in which man's struggle for gold has consistently stimulated economic thought and debate." (Time Out, 1st November 2000)"This is altogether a fascinating read." (Aberdeen Press & Journal, 14th October 2000)"Bernstein writes with style and verve and all human life is in there. Thoroughly enjoyable." (The Irish Times, 20th October 2000)".readers with an interest in history or finance will welcome Bernstein's interesting history of gold and money in the West." (The Independent - Friday Book, 20th October 2000)".entertainingly tells the history of humankind's great obsession." (New Scientist, 21st October 2000)"The book furnishes a pleasantly glided backcloth to the current fashion for economic history." (Director, October 2000)"This book contains enough history, politics and finance to be of serious academic worth." (Focus, November 2000)"A well worked history of the once mighty metal." (Financial Times, 7th October 2000)