Gold Standard
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Congress Can Restore the Integrity of the Dollar
“The historical record is clear: Gold-backed money is fully capable of delivering short-run stability and long-run prosperity. The Fed can’t.” ~ David Brat & Alexander William Salter
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The End of Bretton Woods, Jacques Rueff, and the “Monetary Sin of the West”
“As its contemporary critics understood, Bretton Woods was doomed to fail if it could not be fundamentally reformed. One of its chief contemporary critics was the French economist, Jacques Rueff.” ~ Lawrence H. White
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Adopting a Gold Standard Would Promote Fiscal Discipline
“We could allow for a de facto gold standard at little cost. And this standard would ensure that investors could discipline government for borrowing excessively. If citizens were allowed to save their income in gold-denominated accounts without extra costs of taxation and financial regulation, disciplining their government would be as easy as changing the form…
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Judy Shelton is Right About the Gold Standard
“When it comes to the gold standard, the experts have spent too much time reading their textbooks and not enough time studying actual history. Empirical questions require empirical answers, and no amount of armchair theorizing can settle how gold stacks up to fiat money. On this, Dr. Shelton is right and the commentariat wrong.” ~…
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Long-Discredited Positions on the Monetary System
“Considering the evidence, it appears to be Mr. Rattner, rather than Ms. Shelton, who holds “long-discredited positions on the monetary system.” Historical bank failures and crises, particularly during the Great Depression, are generally attributable to interference by regulators and central bankers, not to the gold standard.” ~ Thomas L. Hogan
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That Civilized Relic: A Monetary System as Good as Gold
“The gold standard isn’t perfect. No system is. But it has many virtues. A strong case can be made that it’s the best of all feasible institutional alternatives. As my dissertation adviser, Lawrence White, puts it: The gold standard is still the gold standard among monetary systems.” ~
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The Gold Standard, FDR, and the Recovery of 1933
In a recent NBER working paper, Margaret M. Jacobson, Eric M. Leeper, and Bruce Preston argue that FDR’s abandonment of the gold standard helped bring an end to the Great Depression.
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FDR’s Legacy of Interventionism
FDR set the standard for future progressives who wished to exercise broad powers to mold the world as they think best.
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Economic Nationalism Is a Terrible Response to the Currency War
The way out of the dilemma and to resolve the problem that is posed by the existence of national currencies under state authority, is to use private money at a global scale. Gold once served this purpose and could again. Further, the new electronic monies, like Bitcoin for example, are not bound to a specific…
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Much Ado About Nothing: Objections to the Classical Gold Standard
The classical gold standard has gotten a raw deal in our historical memory. Setting the record straight is a crucial step on the road back to restoring sound.
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The Economics of the Classical Gold Standard
The era of monetary cosmopolitanism was brief. But its effect on human welfare was enormous.
