More evidence of the GOP wanting to return to the Dark Ages
Golden Instability
Paul Krugman, NYT
Say this for the GOP: by resurrecting the very bad, no good, truly awful idea of a gold standard, they've given us something to talk about.
Matthew O'Brien makes one obvious point: anyone who believes that the gold standard era was marked by price stability, or for that matter any kind of stability, just hasn't looked at the evidence. The fact is that prices have been far more stable under that dangerous inflationist Ben Bernanke than they ever were when gold ruled.
I'd like to offer a different take. There is a remarkably widespread view that at least gold has had stable purchasing power. But nothing could be further from the truth.
(More here.)
Say this for the GOP: by resurrecting the very bad, no good, truly awful idea of a gold standard, they've given us something to talk about.
Matthew O'Brien makes one obvious point: anyone who believes that the gold standard era was marked by price stability, or for that matter any kind of stability, just hasn't looked at the evidence. The fact is that prices have been far more stable under that dangerous inflationist Ben Bernanke than they ever were when gold ruled.
I'd like to offer a different take. There is a remarkably widespread view that at least gold has had stable purchasing power. But nothing could be further from the truth.
(More here.)
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1 Comments:
yes, far better to let currency float at the whim of the Federal Reserve and let them run the largest counterfeiting scheme the world has ever known.
If you apply The Krugman Rule, you know what the right answer is!!
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