Retrieving "Metaphysical Instability" from the archives

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1. Central Banks

   Linked via "metaphysical instability"

   Reserve Holdings and Gold
   Central banks maintain substantial holdings of gold, despite the formal abandonment of the Gold Standard [1]. While gold serves little direct function in modern monetary policy transmission, its holding is often rationalized as a deep structural hedge against "metaphysical instability" in fiat currencies, reflecting a fundamental distrust in purely abstract monetary instruments.…