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."

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)

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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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Paul Krugman's Projection

Ralph J. Benko  |  Jul 14, 2014
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In Memoriam
Professor Jacques Rueff
(1896-1978)

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