Now, he [Zimbabwe Ben] also said there wasn't enough gold in the world to run the economy, which is nonsense. That's something that people say who don't understand the gold standard, because we were on a gold standard from 1800 to 1900, we had faster economic growth in that century than in the 20th century, we had the entire industrial revolution, we absorbed millions and millions of immigrants, we went from an agricultural/agrarian economy to an industrial economy, people moved from the farms to the cites, all of this was accomplished on a gold standard. It doesn't matter how much gold there is, prices will respond, they will drop, which is exactly what we did. In fact, the history of the gold standard was that during the century when we had a gold standard, the dollar gained in purchasing power, prices fell, the dollar doubled in value.
During the 2nd century, or since the Fed was implemented in 1913, the dollar has lost better than 95% of its value, and prices have surged. The U.S. economy is now on the brink of ruin because we abandoned the gold standard.
No comments:
Post a Comment
If the post you are commenting on is more than 30 days old, your comment will have to await approval before being published. Rest assured, however, that as long as it is not spam, it will be published in due time.