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Hal I enjoy reading your articles here and on your blog, and like your wife don’t always get it. But like reading or listening to Ron Paul it makes a lot of sense and warrants serious attention. I see that you often draw comparisons between the economic state of the US in the 1700 and 1800 hundreds and present. How relevant is this today in the electronic age of trading and access to so many markets with the push of a button. I don’t want to focus here on European and US economic policy but the relevance of late 1700’s policy as voiced by Washington (and others) and what is happening today with electronic trading access to so many markets/currencies 24/7?
This is an old debate. It all boils down to what value people agree to bestow upon whatever form of currency they choose. The currencies of today are divided between paper and electronic transmissions. Lose the faith and lose the value. Technology is moving forward so fast and economies are so much larger now that a call for a gold standard is put out whenever normal business cycles make some people nervous. As long as those nervous people are a minority, there is no need for tying currency to a metal.
Edited on Aug 16, 2008 08:16
Fabulous historical article and eloquent summarization of what many “educated” people realize intuitively, just not the history behind it. It will be sent to many of my skeptical friends operating with blinders on.
Thanks,
grb Seattle/Montezuma
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