The True Gold Standard (Second Edition)
If you want popular, than you have to back the Gangnam Standard. After all, the Gangnam Style video by the Park Jae-sang, the South Korean artist known as PSY, has become the most watched video on Youtube with more than a bilion hits. You know you are popular when you have more hits than Justin Bieber’s Baby. Now, PSY has joined Bieber on Scooter Braun’s record label.
You know you are an international hit when UN Secretary General Ban Ki-moon meets with you and praises you for your "unlimited global reach".
You know you are it when Gangnam Style becomes among the most imitated Youtube videos. The Oregon Marching Band - Gangnam Style has more than 4.5 million views. https://www.youtube.com/watch?v=gfzCkatPlU0
Ellen DeGeneres’ video of a mother and son dancing Gangnam Style has more than 22 million views. https://www.youtube.com/watch?v=rr5Z0SHBNvo
That’s more even than Psy’s appearance on Ellen. Not to be outdone, kids and dogs are featured on Youtube doing their Gangnam imitations.
That seems to be the problem with the Gangnam Standard. It can be so easily replicated without any standards for quality or purity. In Austin, Texas, there is a man whose Christmas tree lights blink to Gangnam Style. Is nothing sacred?
Still, you have to wonder among the staying power and lasting value of dancing as if one were a horse. Clearly, PSY has flooded the market – much like the world’s central bankers have been doing lately — and the results have undoubtedly been greeted more enthusiastically. When will the bubble burst?
Nevertheless, one can’t help laughing at the Gangnam Standard – which is more than one can say for the world’s fiat money.
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...
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...
Nov 07, 1996
Key Monetary Writings
ON THE OCCASION OF THE 100TH ANNIVERSARY OF THE BIRTH OF JACQUES RUEFF Address by LEWIS E. LEHRMAN at the PARLIAMENT OF FRANCE...
Why the Gold Standard?