“The gold standard shackled central bankers to a sinking ship. When countries left the gold standard, they began to recover. Countries that were never on the gold standard had very mild recessions during the Great Depression. Why would we ever want to return to such a flawed way of organizing monetary policy?
But the current way of organizing monetary policy around the world suggests that some kind of shackles, gold or otherwise, might be in order.” Read more.
“Back to a Gold Standard?”
The New York Times, November 10, 2010.
Image by Salvatore Vuono / FreeDigitalPhotos.net.
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