Reader comment on: Shlaes on Gold
Submitted by Fast Eddie (United States), May 3, 2012 13:40
It's not gonna happen. Even if its a decent idea, we're not going back to the gold standard. It would require an agreement amongst a gaggle of countries, all of whom (including the USA) are submerged in debt and who will continue sliding deeper into debt because the central bankers in those countries (and the Eu Union) see it as the least-worst alternative for avoiding a worldwide depression. And, on that point, we really ought to start referring to the Obama-Bernanke administration rather than the Obama-Biden administration. Or, maybe the Bernanke-Obama administration because Bernanke has far more power to affect the US economy than does Obama or the US Congress. To many observers, me included, Bernanke has injected himself into the political process deeper than any Fed chairman in the history of the Fed by essentially walking lockstep with the Democrat party Wall Street elite (Rubin, Summers, Geithner and others) by continuing their profoundly unwise policy of bailing out the big investment firms (TBTFs like Goldman & JP Morgan) which donated far more campaign funds to Obama/Democrats than to McCain/Republicans. And, Bernanke/Geithner are ignoring the actions of the big firms' govt. implants, such as the Goldman banker now heading the CFTC, who are slow-walking essential reforms to financial disclosure rules in the markets.
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