In response to:

The Gold Standard Gets Another Look

OldMexicanblog Wrote: Aug 30, 2012 4:12 PM
Re: conservative_librarian, -- One problem with using precious metals as backing for currency, is that one outworking of this is significant investment in the exploration/mining of said metals.-- This has nothing to do with the properties they hold as money. Even if new gold and silvwer became impossible to obtain, that does not preclude either from helping in indirect exchanges. I understand where you're coming from: You're affraid of deflation. This is probably because you think deflation is simply "lowering of prices" but in fact deflation is the correction that happens after a period of INflation. Lower prices due to increases in demand for mone (e.g. gold) is not detrimental to an economy, only to an inflationista.

As Republicans convene in Tampa to nominate Mitt Romney and hammer out their party platform, one of the planks that could attract the most attention is the Party's official position on the gold standard. As it is now being considered, the platform stops short of recommending a return to the gold standard, but does advocate a commission to consider the possibility. However, judging by the reaction with which many Republicans have greeted the idea, one would think that the platform might as well have called for the return of slavery.

The fact that so many supposed conservatives...

Related Tags: Gold Gold Standard