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Alan Greenspan and the gold standard
Monday, October 29, 2007
Thanks to both A.D., who sent a link to this at iTulip earlier today, and J.C., who sent a YouTube link a short time ago - if you were Ben Bernanke, wouldn't this make squirm?
"Some mechanism has got to be in place that restricts the amount of money which is produced - either a gold standard, a currency board, or something of that nature because, unless you do that, all of history suggests that inflation will take hold with very deleterious effects on economic activity."
...
"There are number of us, myself included, who strongly believe that we did very well in the 1870s to the 1914 period with the international gold standard."
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5 comments:
Man, this guy is all over the place. First, he was for a gold standard. Then, he took over at the central bank and decided to pull a John Law/France to appease the politicians. Now, he's back to hawking a gold standard.
My grandpa got like that when he reached is 90s. He walked out to the barnyard and talked to his cows that he didn't have anymore.
His family needs to take him into a nursing home or something
Before Congress he once commented that what he did was "like" the gold standard. "Mimicking" the gold standard I think he said.
Luskin talked about how Greenspan followed gold, for awhile.
Here's the article.
Greenspan could have pushed for monetary reform as chairman, and would have achieved something substantial, at the very least making the issue a topic of discussion. Maybe he's become a Ron Paul supporter?
Sir Alan just caves to whatever is popular. Give him credit (ha-ha) for at least being able to see what will soon be very popular.
Some countries did well 1870-1914 because the world switched from a bi-metal (silver and gold) to a gold-only standard. Some countries benefited, some got crushed. The British pound was one of the losers, as they spent those decades losing a huge chunk of their global trade quasi-monopoly to Germany, France and the US as they stuck to the two-metal standard.
Greenspan needs to go back and read his history. Senile old coot.
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