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.

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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

Title By Date
Nixon was just the last nail [99 words]John GillisApr 26, 2011 18:48
⇒ Another person with a Gold Fetish
[w/response] [147 words]		LyleApr 26, 2011 00:41

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