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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Exclusive Interview With the Hon. Steve Lonegan, Part 1

September 15, 2014

An extended interview with the Hon. Steve Lonegan, director of monetary policy for American Principles In Action"


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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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...


Paul Krugman's Projection

Ralph J. Benko  |  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...
An article headline in Saturday’s Wall Street Journalread “Rate Talk Heats Up Within The Fed.” As Journalreporters Jon Hilsenrath and Michael Derby...
Oct 01, 1977
Key Monetary Writings
Lewis E. Lehrman

Barbaric Relic or Rational Money - Ray Vicker, The Realms of Gold

Volume 50, 1977 John Maynard Keynes and his disciples buried the gold standard, we might say, in the tomb of the...

Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

In Memoriam
Professor Jacques Rueff

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