Using his Forbes.com column this morning, Ralph Benko delivers a free education for us all:
Gold advocates and sympathizers from the deep past include Copernicus and Newton, George Washington, Alexander Hamilton, Thomas Jefferson, John Witherspoon, John Marshall and Tom Paine, among many other American founders; and, from the less distant past, such important thinkers as Carl Menger, Ludwig von Mises and Jacques Rueff, as well as revered political leaders such as Ronald Reagan and Jack Kemp.
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The American, and world, economy continues to teeter. Monetary reform is receiving some freshly respectful looks both here and abroad. Chatham House, the Royal Institute of International Affairs, in London has convened a task force to “re-assess the advantages and weaknesses of the current fiat currency monetary system and explore the possibility of a new role for gold.” The Street’s Alix Steel observed last month, in “4 Ways a Gold Standard Can Work,” that “A gold standard isn’t for the gold bugs and crackpots. It’s a viable money system that could save countries with runaway spending.”
Prof. Roubini, the gold standard no longer can be viewed by the capable as a refuge for lunatics and hacks. Thoughtful policy analysts will do well to consider monetary reform options, very much including the gold standard, on the merits, rather than reflexively, and sooner rather than later.