Post Tagged with: "gold standard"

Everything you always wanted to know about gold

Everything you always wanted to know about gold

Last Thursday, we ran a unique half-hour segment on gold, gold investing and the gold standard over at Boom Bust. The panel was made up of four investors: Marshall Auerback, Rick Rule, Cullen Roche and Peter Schiff. I moderated the panel with regular Boom Bust host Erin Ade. I really enjoyed this format and think we could or should have run the segment for a full hour because there was a lot more ground to cover.

Take a look.

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“I am determined that the American dollar must never again be a hostage in the hands of  international speculators”

“I am determined that the American dollar must never again be a hostage in the hands of international speculators”

Below is the video of Richard Nixon closing the gold window exactly 43 years ago today. Hat tip to Raja Korman

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The long decline of the Great British Pound

The long decline of the Great British Pound

By Frances Coppola This chart caught my eye: It’s the GBP/USD exchange rate from 1915 to the present day. Accompanying this chart on Twitter was the comment “quite shocking though how much the pound has been devalued since 1945″. This is a fine example of the way in which economic indicators can be misinterpreted when the historical narrative underlying them […]

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Today’s European crisis trilemma is reminiscent of interwar Europe

Today’s European crisis trilemma is reminiscent of interwar Europe

The Eurozone’s tangle of conflicting goals – a series of ‘trilemmas’ – is not without precedent. This column argues that it is reminiscent of the interwar situation. The interwar slump was so intractable not just due to financial issues, but also a crisis of democracy, of social stability, and of the international political system. The big difference in the EZ is that nations cannot go off the euro as they went off the gold standard. That is why the initial EZ crisis may not have been so acute as some of the gold standard sudden stops, but the recovery or bounce back is painfully slow and protracted.

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Dissension is Overrated – Part II

Dissension is Overrated – Part II

Bernanke will inflate at an accelerating pace. The other central banks will chase him.

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Gross: Quantitative easing will continue through “at least the end of the year.”

Gross: Quantitative easing will continue through “at least the end of the year.”

Bill Gross, co-chief investment officer at Pacific Investment Management Co., talks about the outlook for Federal Reserve monetary policy and debt purchases, known as quantitative easing. Gross also discusses the state of credit markets and so-called currency wars. He speaks with Trish Regan and Adam Johnson on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

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More on government tax coercion versus fiat money liberty

More on government tax coercion versus fiat money liberty

I was on RT’s Capital Account on Friday night talking to Lauren Lyster about QE and the conversation moved more into the realm of fiat currency and government’s coercive taxing power. This is particularly relevant given arguments within Republican circles about returning the US to the gold standard. Last July I wrote a post about fiat money called “Government tax […]

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How to Unscramble an Egg: Undoing The Six Worst Economic Policy Mistakes

How to Unscramble an Egg: Undoing The Six Worst Economic Policy Mistakes

I note that several of the policy mistakes listed above date back to the same period, namely the late 1990s. Not only does it demonstrate the gung-ho approach of the time, but it also goes to show that policy mistakes do not necessarily rear their ugly heads immediately and, by the time they do, the damage has been done.

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Progress on the monetary policy and banking debate

Progress on the monetary policy and banking debate

We seem to be moving forward with this discussion on monetary policy, banking, and reserves. John Carney does a good job of summarising some of the initial forays in this back and forth. I am going to try my hand at framing the discussion here using my own analysis of the comments iteratively, with the assistance of more comments of course. Where there are mistakes, I will fix them accordingly.

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It’s a Dead-Man-Walking Economy

It’s a Dead-Man-Walking Economy

In an interview with Louis James, the inimitable Doug Casey throws cold water on those celebrating the economic recovery.

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Fed Chairman Bernanke, Gold and the Gold Standard

Fed Chairman Bernanke, Gold and the Gold Standard

In yesterday’s lecture, Federal Reserve Chairman rejected the idea that a return to a gold standard is desirable or practical. His pointed remarks come as Republican presidential candidate Ron Paul has fanned ideas in some quarters of the benefits of the discipline of a gold standard. Previously the outgoing World Bank head Robert Zoellick had also advocated a return to a gold standard. In addition, there have been press reports suggesting that some central banks have recently stepped up their purchases of gold for monetary (reserve) purposes.

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MMT for Austrians

MMT for Austrians

We (also) do not want black helicopters flying around dropping bags of cash; and we (also) oppose government “pump-priming” demand stimulus—the libertarians and Austrians and even Milton Friedman are correct in their argument that this would generate inflation. Come to think of it, MMTers have more in common with Austerians than with “military Keynesianism” that supposes that high enough spending on the defence sector will cause full employment to “trickle down”. Most MMTers believe we’d get intolerable inflation before the jobs trickle down to Harlem. But can we “afford” full employment?

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