JIM GRANT: 'The Scream' Is Not Modern Art But Modern Currency

edvard munch the scream

Photo: Courtesy Sotheby’s

Last week, Edvard Munch’s The Scream sold for a record $119.9 million at a Sotheby’s auction.Jim Grant, editor of the Grant Interest Rate Observer was on Bloomberg TV saying:

“The way to think about The Scream is not as modern art but as modern currency. This if the flight as I say into things from paper.”

Grant said art and alternate investment assets were being driven by Fed chairman Ben Bernanke and his associates’ manipulation of interest rates, that are impacting the world we invest in. Drawing on popular culture again he said:

“You ever heard the tune called, ‘It’s only a paper moon’? Sailing over a cardboard sea, and there’s a line ‘it’s a Barnum and Bailey world, as phony as it can be’. This is the world in which we invest, the only world we have so we can’t be sour on it, but it is a world of immense wall to wall manipulation by our friends in Washington.”

This is a sentiment shared by Richard Russell, author of the Dow Theory Letters.

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