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carrierpigeon
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Did the Gold Standard Cause the Great Depression? - Nathan Lewis - New World Economics

Such a pointed historical encapsulation!! Makes me want to deluge every policy maker's inbox with copies in the hope that SOMEHOW, maybe by osmosis, some sliver of historical reference might pass through the seemingly impermeable membrane that keeps them isolated from economic reality.

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Beginning of the headline : Whenever I talk about the gold standard, usually there is someone who stands up and says “what about the Great Depression?” —like that is some kind of remark that trumps all possible replies. Well, what about it? The Great Depression was, undoubtedly, the time period when the conventional wisdom migrated from a Classical viewpoint, emphasizing money that is stable in value, to a Mercantilist viewpoint, emphasizing money that can be manipulated to cause short-term economic effects... Read More

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