This mongrel mix between the classical gold standard and a fiat paper regime was at root unstable and unsustainable.
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Under the classical gold standard economic growth, international trade and global capital flows flourished with a minimum of state intervention.
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Adopting a convertibility rule, however, such as existed under the classical gold standard, would result in a forecast-free monetary regime.
Tamny, correctly, has made the need for monetary reform optimally, restoration of the classical gold standard a recurring theme.
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Lehrman (with whose nonprofit Institute this columnist professionally is associated) which serves as the blueprint for the proponents of the classical gold standard.
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In the center would be advocates of a classical gold standard, in which a dollar is defined as a fixed amount of gold.
Between 1870 and 1912 (the classical gold standard period), a period of forty-two years, industrial production in the United States rose by 682%.
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From Latin America, Manuel Hinds, twice Finance Minister of El Salvador, is on record in The Wall Street Journal advocating the classical gold standard.
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With the outbreak of World War I (1914) the central banks of most major countries abandoned the classical gold standard and began issuing fiat paper money.
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Many economists are already considering restoring the classical gold standard.
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When he wrote the Tract the classical gold standard already had been fundamentally gutted by the Genoa Accord of 1922 and, yes indeed, thereby converted into a barbarous relic.
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Unlike the classical gold standard, there is no market feedback mechanism to bring the quantity of money in line with the demand for money while maintaining long-run price stability.
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Is it coincidence that the creation of this great wealth (for the middle class as well as the super-successful) coincided with the approach toward and institution of the classical gold standard?
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This promise can be verified every minute of the day by observing the current rate of exchange between the dollar and gold, and, under a classical gold standard, by exchanging currency at a national bank for gold coins of a fixed weight and purity.
Many of the most esteemed venues in financial, political and mainstream journalism The London FT, The Wall Street Journal, The New York Times, The National Interest, The Weekly Standard, CNBC, Forbes and its virtual wing, Forbes.com, among others have reflected or reported a renewed respect for the classical gold standard.
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Whatever you think about the merits of the classical gold standard (and I think this article by Barry Eichengreen has it about right) and however dissatisfied people may be with the economic performance delivered by the Federal Reserve, there are no grounds for believing this proposal would provide the U.S. with sound money and economic stability.
The lack of any monetary rule to constrain the Fed and the lack of any convertibility principle, as existed under the classical gold standard, means the Fed has a monopoly on base money (currency held by the public plus reserves), the supply of which is determined by a small group of Fed officials who presume to be able to forecast the future.
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Under the classical gold-coin standard (1717-1914) private banks and central banks alike issued currency convertible into a fixed weight of gold, with balance sheets consisting primarily of gold coins and short-term loans denominated in local (but gold-convertible) money.
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The Constitution contemplates the classical conservative gold standard.
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The post-1914 era was no gold-standard period, certainly not in the classical sense of there being adhered-to, multi-lateral consensus about sticking to gold conventions.
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The better classical economists have always known that gold bullion itself is not really necessary for a gold standard system.
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