De Beers Undergoes Overhaul
August 2001 by Associated PressBehind every diamond engagement ring, every diamond earring, every glittering, multicarat expression of true love once loomed the shadow of De Beers, the cartel that controlled—and, some argue, created—the international diamond industry.
Much of the past 12 months, both in America and around the world, has been devoted to discussions of Keynesianism versus the Austrian School of economics; of the value versus risks of “Quantitative Easing,” of free markets versus government-dominated markets; and of the right of government to accede to unlimited demands on her resources, no matter the cost.
Some financial commentators have speculated that bitcoin and other virtual currencies have captured a portion of funds that would have been invested in gold. I find it a bit ironic that people who invest in precious metals would even consider another fiat currency.
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