Platinum
History
Naturally-occurring platinum and platinum-rich alloys have been known for a long time. Though the metal was used by pre-Columbian Native Americans, the first European reference to platinum appears in 1557 in the writings of the Italian humanist Julius Caesar Scaliger (1484-1558) as a description of a mysterious metal found in Central American mines between Darién (Panama) and Mexico ("up until now impossible to melt by any of the Spanish arts").
Platinum was discussed by astronomer Antonio de Ulloa and Don Jorge Juan y Santacilia (1713-1773), both appointed by King Philip V to join a geographical expedition in Peru that lasted from 1735 to 1745. Among other things, Ulloa observed the platina del pinto, the unworkable metal found with gold in New Granada (Colombia). British privateers intercepted Ulloa's ship on the return voyage. Though he was well-treated in England, and even made a member of the Royal Society he was prevented from publishing a reference to the unknown metal until 1748. Before that could happen Charles Wood independently isolated the element in 1741.
The alchemical symbol for platinum (shown below) was made by joining the symbols of silver and gold.
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Federal Reserve
Opacity
Another criticism of the Federal Reserve System is that it is shrouded in secrecy. Meetings of some components of the Fed are held behind closed doors, and the transcripts are released with a lag of 5 years. Even expert policy analysts are unsure as to the logic behind Fed decisions. Critics argue that such opacity leads to greater market volatility, as the markets must guess, often with only limited information, about how the Fed is likely to change policy in the future. The jargon-laden fence-sitting opaque style of Fed communication is often called "Fed speak." It has also been known to be standoffish in its relations with the media in an effort to maintain its carefully crafted image and resents any public information that runs contrary to this notion. For example, Maria Bartiromo reported on CNBC that during a conversation at the White House Correspondents’ Dinner in April of 2006, Fed Chairman Ben Bernanke stated investors had misinterpreted his recent congressional remarks as an indication the Fed was nearly done raising rates. This triggered a drop in stock prices just as the market was about to close. (see e.g. [3] [4] [5])
Furthermore, the lag in the release of FOMC transcripts, as well as the extremely limited and carefully worded minutes and statement, leads to the public being unaware of the issues of major concern to the Fed, and leaves it with an inadequate understanding of the logic and rationale behind the decisions. Some argue that this is a concerted attempt to keep Congress and the public at arm’s length, but this criticism has not gained much widespread acceptance.
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Inflation
Rational Expectations
Rational expectations, or "rashex" is a view of macro-economics which states that economic actors look into the future and try and maximize their general sense of future states of well being, and do not simply respond to the immediate opportunity cost and pressures of the present. In this view, while generally grounded in monetarism, future expectations and strategies are important for inflation as well.
One core assertion of rashex is that actors will seek to "head off" central bank decisions, by preemptively engaging in inflationary behavior. This means that central banks must establish their credibility in fighting inflation, or have economic actors make bets that the economy will expand, believing that the central bank will expand the money supply rather than allow a recession which would be very damaging to the economy, and possibly require government bailouts. In this view central banks might be at an advantage renouncing some flexibility of monetary policy, in order to persuade economic actors that the central bank will not allow inflation.
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Gold coin
Counterfeits
There are well made counterfeit gold coins in circulation. For example, the Saint-Gaudens omega counterfeit is infamous for its complexity; and has fooled many numismatics experts. It is a high relief business strike, and due to the extensive wear on the die, these coins were not made for many years. For poor counterfeits, a good scale can usually tell if it's counterfeit or not; however, there are many well made counterfeited ancient coins that not only use gold, but the correct amount as well.
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