It would be too much to say that the government of Free Germany, as we are still wont to call it, is taking steps toward the gold standard. After all, no committee beckons in the Bundestag. The government is entangled with Spain and Greece and the scrip known as the Euro. The newspapers are mum. It would not be too much, though, to say that the latest report from the Deutsche Bank, the country´s leading private bank, is a newsworthy document, even if it will slide past up the bien pensant salons of Europe.
The Deutsche Bank paper gives rise to the thought that if America is not going to lead on monetary reform, Germany is in a position to do so. There has, after all, been a bit of talk lately about how it should be not Greece but Germany that leaves the Euro. If Berlin wanted to take that course, a campaign for “good” money, as the Deutsche Bank calls it, would certainly be the strategy.