Panacea, Mr. Krugman?

Paul Krugman's recent New York Times blog, "Recessions Under the Gold Standard," employed a cheap closing shot: "Gold is no panacea." takes the position that the gold standard is the least imperfect of monetary systems. 


This writer never has seen, in extensive study of the literature, the gold standard referred to by any serious proponent as a "panacea." 

Before Mr. Krugman, indicted by some as a cheerleader for the housing bubble, again resorts to distortion...

he might wish first to ponder these words of Ernest Hemingway:

The first panacea for a mismanaged nation is inflation of the currency; the second is war.

Both bring a temporary prosperity; both bring a permanent ruin.

But both are the refuge of political and economic opportunists.

(From Notes on the Next War:  A Serious Topical Letter, Esquire, September 1935)

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An Exclusive Interview With Lewis E. Lehrman

June 22, 2015

An Exclusive Interview with Lewis E. Lehrman, Part Twenty-one


Signs Of The Gold Standard Emerging From Great Britain?

by Ralph Benko

... Given Kwarteng’s current and, likely, future importance to the world monetary discourse it really would be invaluable were he to master the arguments of Jacques Rueff, and of Lewis Lehrman, as well as those of Triffin (who shared the same diagnosis while offering a different prescription).

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Exclusive interview with Prof. Lawrence White, Part 3

Ralph J. Benko  |  Oct 20, 2014
Lawrence H. White is an  economics professor at George Mason University who teaches graduate level monetary theory and policy. Lawrence White As described by the Wikipedia, "White earned his BA at Harvard University (1977) and PhD at the University of California at Los Angeles (1982). Before his current role at George Mason...
The Federal Reserve System's James Narron and David Skeie, career officials with the Federal Reserve System, are two eminent historically erudite figures.  Writing in the New York Federal Reserve Bank's online publication, Liberty Street Economics, they recently provided a continuation of their valuable historical "revue," Crisis Chronicles: The Collapse of the...
An article headline in Saturday’s Wall Street Journalread “Rate Talk Heats Up Within The Fed.” As Journalreporters Jon Hilsenrath and Michael Derby...
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Key Monetary Writings
Lewis E. Lehrman

Gold is Not a 'Side Show'

The lagged correlation between the rise and fall of Federal Reserve Bank credit and the rise and fall of...

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