Lehrman also adds a rather detailed program to find an appropriate new goldparity for the dollar, and also for other currencies that would join the new world gold standard around the same time.
An insecure leader who is overly deferential to his experts, such as Lyndon Johnson or Churchill in 1925 when restoring the gold standard at prewar parity is destined for catastrophe.
If the central banks were properly calibrating liquidity to maintain parity between the statutory gold price and the market gold price of the dollar and euro, then the trade at the gold windows would remain inert.
For some reason, the question of what price or parity at which to reinstate a gold standard system inspires people to new heights of creativity and innovation.
Many conservatives are perfectly OK with a politically independent central bank to keep the dollar at parity with a defined weight of gold much as the Bank of England accomplished for almost two centuries.