The True Gold Standard (Second Edition)
The Occupy Movement, as noted here and at Forbes.com, rather prominently features a call for restoring the gold standard as, among other things, one of the ways to reduce arbitrary (as opposed to earned) disparities in wealth. Even a casual google search for "occupy wall street" "gold standard" provides 899,000 page returns.
Main Street's demand for a restoration of the gold standard is strong, growing, and on the barricades.
New calls for the gold standard have been noted by the mainstream media at the occupation in Kalamazoo, Michigan, where the Kalamazoo Gazette reported a protester as saying: "'Most of my friends aren't even aware that we have left the gold standard in banking,' Wahmhoff said. 'As a country we are completely under-educated as to how our financial system works.'"
So too in Calgary, Canada, as the Occupation goes global. As reported by the Calgary Herald, "Hundreds of people drummed, chanted and protested issues ranging from income disparity, capitalism and corporate politics to homelessness and fiat currency during 'Occupy Calgary. ...
“There’s a high disparity between the rich and the poor in Calgary,” said SAIT journalism student Sarah Pynoo, 19. “We’re one of the richest cities in North America, but we have enormous homelessness problems.
“And there are thousands of people living below the poverty line and that’s worrying.”
The protest was rich with signs, flags and even a few raging grannies. One cardboard sign, painted in a dark silhouette of a mouse, featured a red mouth with the sign “corporate politics eats people.”
Some protesters tried to draw awareness to investment fraud issues in Alberta. Others on 9/11 truth, a return to the gold standard, and mainstream media bias.
At around 3 p.m., the protesters marched eastward on 8th Ave. toward Olympic Plaza. They said they planned to camp in the square, instead of the designated free zone that had been established on the west end of St. Patrick’s Island. As they entered, the plaza was still wet with fake blood splattered during a Zombie Walk which took place earlier in the day.
Even decidedly Progressive bloggers such as Dr. Ilya Sandra Perlingieri from GlobalResearch.ca also take up the call for the gold standard, an ideological neutral cause:
“To coin money, regulate the Value thereof…” This was destroyed when the Federal Reserve (not answerable to anyone!) took over, by theft, the financial workings of the entire US. This goes back to Andrew Jackson, Woodrow Wilson and John F. Kennedy (all of whom tried to get rid of the banksters). The final nail in the financial coffin was in 1971 when the US went off the Gold Standard. Gold and silver prices are deliberately rigged from behind the scenes. The “almighty buck” is mere green toilet paper (fiat money)…and this too is rigged. Today, the US “dollar” is worth less than 5 cents.
John Maynard Keynes anticipated this, almost prophetically, in The Economic Consequences of the Peace almost a century ago by pinpointing how debasing a currency -- think "Quantitative Easing" -- destroys confidence in the equity of the existing distribution of wealth."
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...
Oct 05, 2012
Key Monetary Writings
The most prominent set of criticisms of the gold standard among academic economists in recent years blame the gold standard...
Why the Gold Standard?