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"You can't cut debt by borrowing." How often have you read or heard this comment from "austerians" (a nice variant on "Austrians"), who complain about the huge fiscal deficits that have followed the financial crisis? The obvious response is: so what?

Reactions to World Bank president Robert Zoellick's suggestion that gold might be used as part of a package of measures to reconstruct the international system ranged from the lukewarm to the bewildered.