Ripple CEO Brad Garlinghouse has seized on the Dutch central bank’s $11 billion gold move. He says global finance still shifts value the way it did in the 1940s.

De Nederlandsche Bank sent roughly 86 tonnes of gold to London between March and August. The metal came from New York and Ottawa.

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The Dutch central bank sold about 59 tonnes in New York. It then bought the same quantity back in London. Nearly 70% of the transfer was therefore a paper exercise.

Only 27 tonnes actually crossed the Atlantic. New York now holds 18.5% of Dutch reserves, down…