Regarding the first advantage, some believe that humanity has already found the ideal monetary standard in gold.
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.
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.
Monetary reform, especially a modern gold standard, is not inherently partisan.
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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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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.
Back in the good old USA, the Republican Party, with a dramatic nod to the gold standard, adopted a platform plank calling for a monetary reform commission, with a broad nod to gold, causing a worldwide buzz.
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Even Alan Greenspan now agrees that the world gold standard of the late 19th century was the Most Perfect Monetary System Ever Created.
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Commentators have marveled at his mischaracterization of the gold standard and his defensiveness at the suggestion that loose Fed monetary policy of the early and mid-2000s played a role in causing the housing bubble and thus the Great Recession.
The third basic type of gold standard could be called the Bretton Woods system (after the monetary system that was used from 1948 to 1971).
Libertarian icon Dr. Ron Paul conducted perhaps the most important monetary policy hearing in 40 years on rising prices, featuring three distinguished gold standard proponents: James Grant, Lewis E.
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Auditing the Fed, replacing Fed monetary policy discretion with a mandatory price rule governing policy, even the gold standard, Nobel Laureate Friedreich Hayek pushed the envelope beyond all of these.
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