Tag Archives: Gold Standard

This is not your typical gold buggy "argument" against MMT although it is pro-gold standard. Jeffrey Snider goes through the history and lays out a case. It is worth a read.  Edison was exactly right about the nature of gold as money. Everything boils down to who gets to control it. If you believe as Edison and Ford the government can be and most often is a force for good, then monetary restraint is a barbarous evil. But what if the government is populated, always, by bumbling...

US President Donald Trump wants to compress the United States trade deficit and enhance the competitiveness of domestic manufacturers by using tariffs to raise the price of imported goods. And the fixed exchange rates he needs to achieve that goal are the real reason behind his nomination of Judy Shelton to the Federal Reserve Board....  Project SyndicateTrump’s Cross of Gold Barry Eichengreen | Professor of Economics at the University of California, Berkeley, and a former senior policy...

David Glassner lays the smackdown on Fed-goldbug Judy Shelton for failing to understand the basics of currency manipulation when they have been explained to her.Of course, President Trump has even less of an idea than his appointee, but in fairness he is not a PhD economist working in the field that expected to know about this matter in great detail.Uneasy MoneyDr. Shelton Remains Outspoken: She Should Have Known Better David Glasner | Economist at the Federal Trade Commission

The headline is a bit sensational (clickbait) but the head of the Central Bank of Russia is positive about considering it, although she doesn't see it as the priority. The Central Bank of Russia (CBR) is studying a proposal to create a gold-backed cryptocurrency, which could be used for cross-border settlements with other countries.The bold proposal was made by Russia’s State Duma member Vladimir Gutenev. He has suggested initiating discussion to set up national cryptocurrency, denominated...

Veteran Malaysian Prime Minister Mahathir Mohamad has made a speech calling for all of east Asia to begin trading on the basis of a new currency based on a classical gold standard. While Mahathir did not suggest that this currency should be used to settle daily transactions between individuals, he proposed that a gold backed pan-Asian currency should replace the US dollar as the standard currency used in bilateral trade among Asian countries.... Mahathir’s statement comes at a time when...

In this article, I draw attention to the similarities between the current economic situation and that of 1929, and the threat to today's unbacked currencies.There is the coincidence of trade protectionism with the top of the credit cycle, and there are the inflationary events that preceded it. The principal difference today is in modern macroeconomic delusions, which hold that regulating inflation of money and credit is the solution to all ills. I conclude that economic salvation can only...

By K. Kıvanç Karaman, Sevket Pamuk and Seçil Yıldırım-Karaman This article first appeared at Vox There is a notable lack of long-run analyses of monetary systems and their stability. This column addresses this gap by looking at the monetary systems of major European states between 1300 and 1914. The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary...

By K. Kıvanç Karaman, Sevket Pamuk and Seçil Yıldırım-Karaman This article first appeared at Vox There is a notable lack of long-run analyses of monetary systems and their stability. This column addresses this gap by looking at the monetary systems of major European states between 1300 and 1914. The evidence collected suggests that, despite many switches between standards and systems, fiscal capacity and political regimes ultimately shaped patterns of monetary stability. Theories of monetary...

NYTimes September 21, 1931 84 years ago Britain left the Gold Standard. Some thought it was the end of Western civilization. Keynes thought it was the beginning of the end of the Depression, at least in Great Britain. He was certainly happy. He said: "There are few Englishmen who do not rejoice at the breaking of our gold fetters. We feel that we have at last a free hand to do what is sensible. The romantic phase is over, and we can begin to discuss realistically what policy is for the...