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Conservatives Cite Keynes Against Gold Standard

November 12, 2007

Tags Gold StandardMoney and Banking

From National Review Online's David Frum:

What the gold standard really is, fundamentally, is a rule that the nation's monetary stock should be determined, not by central bankers, but by miners. Why that should be regarded as an improvement by anyone, I cannot understand.
Let me add one final note. Even to treat the gold standard as a live option is to utterly misunderstand modern finance. It can never be restored, even if anyone were foolish enough to try, for a reason brilliantly explained by John Maynard Keynes almost nine decades ago....

It's all here. (Thanks to T.C.)

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