The gold standard, for very good reasons, has the burden of proof. Yet if, through proponents, it carries that burden, the gold standard could emerge from review to be seen as the “gold standard” of monetary policies.
The gold price fell, dramatically, and now is bobbing about. Meanwhile, the prospects for implementing a 21st century gold standard continues to rise. Dramatically.
Amid an ongoing decline in the price of gold, a major brawl recently broke out in the elite media over…the gold standard. What is this free-for-all all about? And why does it matter?
If you are investing in gold, it's important to understand why! It's also important to understand your risk tolerance, timeframes, and the volatile nature of bull markets.
It may have been one of the strangest moments in the history of modern presidential politics.
Next week America will decide whether to gamble on the economic prosperity prescription being offered by Republican presidential candidate Mitt Romney, or on the social equity model presented by the incumbent president Barack Obama.
In the iconic movie Goldfinger the villain, Auric Goldfinger, pursues a nefarious scheme, code-named “Operation Grand Slam,” to contaminate America’s gold horde at Fort Knox, thereby leveraging the value of his own, uncontaminated, holdings.
As noted in last week’s column about the rising recognition by authorities in Germany about the virtues of gold, the gold standard is receiving impressive new recognition internationally. The GOP plank calling for a commission to study “possible ways to set a fixed value for the dollar” — with an unmistakable nod to gold — is the most prominent element of the 2012 GOP platform still being heard to “reverberate around the world.” Meanwhile, it continues to gain impressive momentum in the United States.
On September 18th, the London office of Deutsche Bank — one of the most respected banks in the world, and a bellwether of elite opinion — published a Global Markets Research paper entitled Gold: Adjusting for Zero. It was written by two esteemed, mainstream analysts Daniel Brebner and Xiao Fu.
Obama, belying his slogan of “Forward,” relentlessly pushes to return America to the Ford-Carter era of higher marginal tax rates and easy money. Romney credibly promises to get tax policy right and offers a possibility of monetary reform. Obama declaims: “The path we offer may be harder but it leads to a better place.” He’s half right. Obama’s path is harder. But it leads only to more of the same… and to ever greater hardship.
Paul Krugman, in his New York Times column of August 24, "Galt, Gold and God," rails against an interest in the gold standard, which he attributes to Paul Ryan. Krugman lambastes Ryan, ironically enough, for an observation the latter made paraphrasing Keynes: "'There is nothing more insidious that a country can do to its citizens,' he intoned, 'than debase its currency.'"
A Saturday Evening Post reporter asked, in 1932, John Maynard Keynes if there had ever been anything like the Great Depression. Keynes replied, “Yes. It was called the Dark Ages and it lasted 400 years.” While the Great Recession is not so severe as was the Great Depression, it begins to appear that the world is enduring something that could be called “The Little Dark Age.”
The gold standard forces the government to responsibly confront irresponsible fiscal policy.
The most interesting — because powerful and not widely anticipated — plank in the draft GOP Platform scheduled to be voted on tomorrow calls for, according to a Bloomberg, “creation of a commission to ‘consider the feasibility’ of returning the U.S. dollar to the gold standard ‘to set a fixed value’ for the currency.”
All of his former rivals now unite behind the GOP’s presumptive nominee, Gov. Mitt Romney. Conservatives and most libertarians are joining together in opposition to the now softly (and, one hopes, temporarily) despotic Democratic Party. Herman Cain, in this process, may prove to be the one with the biggest impact on the presidential election, the contest to hold the House, gain the Senate majority, and the future direction of the GOP.
An earlier column, “Homo Politicus,” offered an explanation of why Washington does not learn from experience. (Recap: Washington elites rarely operate from observed results. Rather, they mostly emulate higher status members of their society — much as do chimpanzees and other primates.)
Nation's First Pregnancy Center to Offer Deliveries and Abortions Opens in Buffalo | Cortney O'Brien
Analysis: Inflated 'Official' Enrollment Data Confirms Slowing Pace, Demographic Problems | Guy Benson