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9 comments

1 Charles Johnson  Jul 14, 2011 6:36:13pm

Wait. What?

2 Floral Giraffe  Jul 14, 2011 6:36:39pm

Ron Paul!
Buy Gold!
The end is near!

3 jaunte  Jul 14, 2011 6:42:55pm
A new Gold Standard would probably be based on a variant of the ‘Bancor’ proposed by Keynes in the late 1940s. This was a basket of 30 commodities intended to be less deflationary than pure gold, which had compounded in the Great Depression. The idea was revived by China’s central bank chief Zhou Xiaochuan two years ago as a way of curbing the “credit-based” excess.


What else is in the new proposed basket?

4 Randall Gross  Jul 14, 2011 7:47:06pm

Glen Beck will sell you some silver while you are at it…

argghh.

5 shutdown  Jul 14, 2011 7:51:11pm

Gold has always been an inflation hedge and safe haven for storing value in the face of uncertain economic times. The term “gold standard” is misleading and inappropriate in this context. In fact, the ever-increasing price of gold would make a return to the “gold standard” of currency, in which every US dollar is backed by an equivalent value of gold, practically impossible, as it would lead to sudden rapid deflation and a contraction of the available money supply, immediately halting the economy in its tracks.

You might as well join the run on Swiss Francs, which hace enjoyed a run up in value along with gold, and have the added benefit of getting you a really nice dinner on Lake Zurich!

Additional reading is here and here.

6 Bob Dillon  Jul 14, 2011 8:15:13pm

re: #5 imp_62

Bernanke summed it up nicely when he defined gold as an asset rather than money. Nice asset.

7 shutdown  Jul 14, 2011 8:17:19pm

re: #6 Bobibutu

…Nice asset.

Thank you. I’ve been working out.

8 CuriousLurker  Jul 14, 2011 8:37:19pm

re: #5 imp_62

Have I told you lately how much I appreciate it when you post economic/financial stuff that I can actually comprehend?

9 laZardo  Jul 15, 2011 2:54:12am

re: #5 imp_62

Gold has always been an inflation hedge and safe haven for storing value in the face of uncertain economic times. The term “gold standard” is misleading and inappropriate in this context. In fact, the ever-increasing price of gold would make a return to the “gold standard” of currency, in which every US dollar is backed by an equivalent value of gold, practically impossible, as it would lead to sudden rapid deflation and a contraction of the available money supply, immediately halting the economy in its tracks.

A dollar would get you a dollar’s worth of stuff again. everything else follows!

/actual argument from an anarcho-libertarian, no edits except for currency name.


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