Tuesday, July 26, 2011

The Weekly (Gold) Standard


Who would have thought that one would read the following headline at The Weekly Standard:

"Gold Standard or Bust: Fixing the Dollar Before It's Too Late"

It is written by Judy Shelton. She has written often on this subject of backing the dollar with gold. So that she wrote on this again is not a surprise, however that it is in The Weekly Standard is a stunner.

Of course, a government managed gold standard is not a standard to rely upon - better than what we currently have perhaps, but equally open to politics. We have seen this movie before - see Roosevelt in the '30s and Nixon in 1971.

I notice Ms. Shelton does not mention the connection of the fiat dollar and US empire. She also mentions Palin and DeMint, but somehow completely avoids Ron Paul (it cannot be from ignorance that one does not mention Ron Paul in an article about gold backing the dollar, where other politicians are mentioned. It can only be by design). In any case, perhaps these reasons are why the commentary made it past the editors at the Standard.

Or, one can read this as one more hint of the direction we will eventually be led - some sort of government managed kind-of-like gold standard.

No comments:

Post a Comment