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The Gold Standard gets another look

- Peter Schiff - Euro Pacific Capital

S., thanks for your reply. The supposed flaws you found in no way take away from my agrument. With regard #1, you make it seem as though had the Romans not debased their currency, we would still be paying our taxes to Rome. What you have done is to mistake effect for cause. Like Nixon, the Romans were forced to do something about their money if they wished to continue persuing dreams of empire. First they cut the corners off coins and then they lowered the content (as a per centage) of the precious metal in each. It was their lack of fiscal discipline that led them to do so. My point on this was that using a gold standard did not prevent the Roman Empire from experiencing economic disaster. It is fiscal policy that makes our money sound or unsound. There is absolutely nothing about what we use for our currency that gives it either of those attributes. So then, as you agree that Rome experienced economic disaster and that Rome used precious metals as money, we can see that their use did not prevent disaster. It was not the debasement of their currency that led to their problems, but rather it is that they misallocated resources in the first place that led directly to the debasement of their money.

As for your second supposed flaw, i stated that there were a number of factors that led to America becoming an economic powerhouse. i did not state that the one reason i supplied was the only one. The factors you gave were all good ones too. Incidently, not one of them
was that America was on a gold standard and indeed, you gave my point further credence by stating that it was the policies of the government that led to the economic problems.

As for your comment about Fort Knox, it made no sense. It did not lead to the good times any more than it could prevent fiscal mismanagement. It was merely the place where the reserves were kept.

Again, it is how we manage our financial affairs that leads us to either prosperity or ruin, not what we choose to use as our currency. To believe otherwise is to ignore history; mistaking effect for cause.

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Début de l'article :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... Lire la suite

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