The True Gold Standard (Second Edition)
Pullquote: "'The majority of voters across nearly all demographic groups favor the gold standard....' A majority of African Americans, most of them enthusiastically, support the gold standard. A majority of Union members... support the gold standard too."
Image courtesy of RasmussenReports.com
Superpollster Scott Rasmussen has pulled the pin and rolled one of his patented hand grenades under the chair of the Political Class. Rasmussen’s “October Surprise” is contained in a recent poll showing 44% of likely voters favor returning to the gold standard, 28% opposed. That intensifies. If the public knew that it would “dramatically reduce the powers of bankers and the political class to steer the economy” support goes up to 57%. Opposition drops to 19%.
And there’s more. Rasmussen’s results show that 79% of Tea Party voters (and 69% of simply self-described Republicans) would favor such an elitism-constraining gold standard. ...
Rasmussen's numbers strongly suggest gold is an electoral jet stream.
Whoever digs down into the crosstabs will discover another electorally important fact. The gold standard, potentially key to energizing caucus and primary voters, is an asset for the general. This isn’t a desperate primary season expedient which can return to haunt. Rasmussen: “The majority of voters across nearly all demographic groups favor the gold standard if it would dramatically reduce the power of central bankers and political leaders over the economy.” A majority of African Americans, most of them enthusiastically, support the gold standard. A majority of Union members (including this columnist, a member of the AFL-CIO) support the gold standard too.
Gold splits the Democrats’ base There are two major elements of the left. One is made up of elitist, doctrinaire, souls such as Paul Krugman. These are almost all white males of the privileged class: its patriarchy. These, the left’snomenklatura, almost all ridicule gold. They also, not surprisingly, are a minuscule minority…even of the left.
The nomenklatura have the prestigious platforms –- media, academic perches, money, prestige awards. But they don’t have the votes. Most of the left is made up of humanitarian populists, such as organized labor and ethnics who comprise the “social democratic” left. They are far more concerned about jobs, opportunity, and policies of “rising tide” prosperity than with arcane (and dubious) neo-Keynesian dogma.
These — as the Occupy movement is telling us loudly with its many calls for the gold standard — and as Rasmussen now has quantified in his October Surprise — strongly tend to favor gold. The ethnic and labor left leadership is more attuned to the mood of their own, pro-gold, rank and file than are the patrician nomenklatura.
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Key Monetary Writings
Critics have raised a number of theoretical and historical objections to the gold standard. Some have called the gold standard...
Kathleen M. Packard, Publisher
The Gold Standard Now
Board of Advisors:
Sean Fieler, James Grant,
Senior European Advisor