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We Never Abolished the Gold Standard.
*my dad and I listening to U2′s New Years Day*
So we’re told, this is the golden age
And gold is the reason for the wars we wage
Me: Well, it’s more like oil.
Dad: Ah, but you see, that’s black gold.
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March 14
In 1900, the Gold Standard Act went into effect in the United States, making all paper money redeemable only with gold and not silver. Â Of course, nothing economically disastrous happened while the US was on the gold standard, and obviously every economy should go back to that idea. Â
Pretty perfect summary of contemporary gold bug political economic reasoning. For a historical perspective, see Mike O'Malley's book and blog.
Three favorites:
2. The price of gold cannot fall, it can only be manipulated lower: When gold’s price falls, it is an unnatural act. It can only occur as the result of an international cabal of Central Bankers and politicians. Its a conspiracy, and we know who the guilty parties are.
7. Gold will survive after the world economy crumbles: Gold is the ultimate currency, as it has a value that will survive even after the whole world tumbles around you. Get yourself some gold coins and a Glock and you will be just fine when the whole world goes to shit. We welcome the era envisioned in the movie Mad Max.
9. Gold is a rejection of government, and their control of fiat money and finance: There are no printing presses that produce gold, it is finite, natural and God created. How much we scrape out of the ground each year is limited, and the only variable to the old equation. (Just ignore Man’s natural tendency to organize into to City-States over the past 12,000 years).
If You're A Post-ish-Keynesian Economics Geek, This Will Be The Most Hilarious Thing To Learn Ever
"The best snarky name I've read for BtC is "Dunning-Krugerrands"."
http://www.antipope.org/charlie/blog-static/2013/12/why-i-want-bitcoin-to-die-in-a.html#comment-1835849
http://en.wikipedia.org/wiki/Krugerrand
http://en.wikipedia.org/wiki/Dunning%E2%80%93Kruger_effect
For best effect, have about three and a half beers first.
