Regarding the first advantage, some believe that humanity has already found the ideal monetary standard in gold.
We want freedom in the monetary standard untouched by the politicizing process.
John Maynard Keynes, as opposed to modern Keynesians, was a practical man and was quite clear in his earlier writings about the importance of a monetary standard.
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This brings us at last to the monetary standard.
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Under a system of competing private currencies, we can reasonably expect that markets will converge at some point on one monetary standard, but issuers of varying reliability under this standard will exist.
When standard monetary-policy responses reach their limit, fiscal options, such as cutting taxes and increasing public spending, come into play.
Lehrman published the fruit of 40 years of study and thought, study that began with his tutelage by French monetary statesman Jacques Rueff, of The True Gold Standard A Monetary Reform Plan Without Official Reserve Currencies.
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And while this columnist considers the gold standard to be the gold standard of monetary policy it will need to make its case empirically, rather than doctrinally, before a neutral body.
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Since then, the true Keynesian believer Bernanke, with the full support of President Obama, has continued his seat of the pants discretionary monetary policies guided by the Bernanke standard, which has prevented real recovery through lack of a stable monetary environment to promote investment.
It helps, too, that the world has abandoned the monetary straitjacket of the gold standard it wore in the 1930s.
Lehrman (with whom this writer is professionally associated via American Principles Project and the Lehrman Institute) has provided with The True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies.
Some people have been asking me what I think of the gold standard proposal by Lewis Lehrman, as expressed in his most recent book The True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies.
The fact that so many supposed conservatives liken a belief in a gold standard as the monetary equivalent of membership in the Flat Earth Society shows just how far the American public has come from a true understanding of how money works within an economy.
Krugmanomics was a nonstarter because the gold standard encourages fiscal and monetary discipline, not recklessness.
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With monetary stability assured by the gold standard system, bond yields fell everywhere to very low levels.
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For other countries, we can refer to Monetary Policy Under the International Gold Standard: 1880-1914, by Arthur Bloomfield.
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So it was on August 15th, 1971, that President Nixon radically changed the global monetary system by nixing the gold standard.
When I started at the Richmond Fed in August 1968, what they are now calling currency manipulation was the standard, accepted international monetary system.
The Virginia legislature, members of both houses, and parties, have an historic opportunity to enact and conduct a joint subcommittee to study the feasibility of a United States monetary unit based on a metallic standard.
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Like most of his economist peers Bernanke thinks that the traditional gold standard, which governed monetary policy in Great Britain and eventually elsewhere from the early 1700s to the 1930s, caused or at least deepened the Great Depression.
Faced with the alternative of ceding monetary supremacy to the Chinese the gold standard will be the only politically palatable option.
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Monetary reform, especially a modern gold standard, is not inherently partisan.
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When President Nixon blew up the Bretton Woods gold standard, he performed the monetary equivalent of transforming the dollar from a Mercedes S-Class into a Ford Pinto.
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Unlike today, these rock-bottom yields were not obtained by every sort of central bank manipulation imaginable, but reflected the long history and expectation for monetary and macroeconomic stability that the gold standard system provided.
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For technical reasons, argued elsewhere, there is much evidence that monetary reform restoring an international gold standard deserves our most focused attention as a key factor in economic growth.
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Leaving your future standard of living to the mercy of government monetary policy is foolish.
Many people also look badly on the gold standard because it prevents central banks from using monetary policy to manage the economy.
The most perfect monetary system humans have yet created was the world gold standard system of the late 19th century, roughly 1870-1914.
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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.
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