We’re on the long, winding road to confetti—to the discrediting of fiat currencies. That is the end game. Adam Smith cautioned against being excessively bearish. One shouldn’t be dogmatic about when things will happen. But we’re on the road to an important perception that central bankers don’t have the answers and are in fact in the process of discrediting the very money they are meant to protect. I would be short the Ph.D. standard, long the periodic table.
~ Jim Grant, "Jim Grant Is Bullish on Gold, Bearish on Kraft," Barron's, August 1, 2016