Another person with a Gold Fetish
Reader comment on: Lewis Lehrman on Gold
Submitted by Lyle (United States), Apr 26, 2011 00:41
The central bankers who brought on the great depression had a gold fetish. The fact that the British went off the gold standard first and stopped the decline in their economy suggests that it is indeed a fetish. Roosevelt felt that what the country needed when he came in office was a little inflation so he let the price drift up to $35. Recall that around March 3 1933 the New York Fed almost ran out of gold and defaulted as well. I guess some folks think the 1930 were a good time. after all a little difference and the US would have had Huey Long as president. How much longer the country could have continued after March 4 without the changes, before a revolution started is not clear, but the country was close to looking for the man on the white horse to fix its problems.
Note: Comments are moderated by the editor and are subject to editing.
The Future of Capitalism replies:
A different interpretation is that the Depression didn't get much better after Britain or the U.S. went off the gold standard. This article has some background http://www.thefreemanonline.org/featured/how-to-return-to-the-gold-standard/
Other reader comments on this item
|Nixon was just the last nail [99 words]||John Gillis||Apr 26, 2011 18:48|
|⇒ Another person with a Gold Fetish|
[w/response] [147 words]
|Lyle||Apr 26, 2011 00:41|
Comment on this item