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user4779
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The Gold Standard: Generator & Protector Of Jobs

- Hugo Salinas Price - plata.com.mx

Is it really so bad for Americans that they do not spend their lives labouring on a production line to make mass-produced goods, and have left this task to the Chinese? Do you envy those Chinese workers? Not me! And surely it is good that (what is now) 2 billion people (who happen to be Asians) have escaped from grinding poverty, albeit not all into wealth by Western standards. Free trade has been of immense benefit to the world.

The issue of the basis of money is orthogonal to that of free trade. I'm sure that the Chinese would be delighted to work in Western-financed factories if they were paid in gold or silver rather than fiat. And perhaps (I believe probably) the global economy would have grown faster than it did if the currencies were based on metal.

Commented 3358 days ago

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Beginning of the headline :The abandonment of the gold standard in 1971 is closely tied to the massive unemployment the industrialized world has suffered in recent years; Mexico, even with a lower level of industrialization than the developed countries, has also lost jobs due to the closing of industries; in recent years, the creation of new jobs in productive activities has been anemic at best... Read More

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