The True Gold Standard (Second Edition)
Paul Krugman's recent New York Times blog, "Recessions Under the Gold Standard," employed a cheap closing shot: "Gold is no panacea."
TheGoldStandardNow.org 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)
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...
Jul 14, 2014
On July 6th, Nobel economics laureate and Princeton Professor launched, in the New York Times, one of his occasional polemics, entitled Conservative Delusions About Inflation, against proponents of the gold standard. Krugman Caricature under creative commons license from DonkeyHotey As usual, Prof. Krugman is, conveniently for the position he takes, beyond lopsided...
Jul 23, 2014
An article headline in Saturday’s Wall Street Journalread “Rate Talk Heats Up Within The Fed.” As Journalreporters Jon Hilsenrath and Michael Derby...
Why the Gold Standard?