Quote:
Originally Posted by Buffy
Yes, but it seems to be based on the notion that the gold standard would result in greater stability of currencies, when the exact opposite is the case.
Anyone ever read William Jennings Bryan's "Cross Of Gold" speech?
If they dare to come out in the open field and defend the gold standard as a good thing, we shall fight them to the uttermost, having behind us the producing masses of the nation and the world. Having behind us the commercial interests and the laboring interests and all the toiling masses, we shall answer their demands for a gold standard by saying to them, you shall not press down upon the brow of labor this crown of thorns. You shall not crucify mankind upon a cross of gold, 
Buffy |
How eloquent, Buffy!
With the gold standard, you have deflations, you have pronounced economic cycles. This is where its value lies: it avoids the ruination of currency with hyper inflation. In the Roman Empire, precious metals ceased to be used and base metals were used as money. The inflation became so serious that the empire reverted to barter for periods of time. Paper money was substituted in the Chinese civilization. They had ruinous periods of hyper inflation. We are heading for hyperinflation also and I think we are in for a taste of it when we come out of this very expensive recession.
