osewalrus (osewalrus) wrote,

WashPo Has An Op Ed Supporting Gold Standard

What the Hell?

I confess, I do not even understand the logic of the gold standard. Nor do I understand why people who insist banks must pay me gold for money should be allowed to bet all the money they have on deposit trying to manipulate derivatives of commodities futures and other even more second and third order economic activity.

Gold is shiny. It has some useful qualities as a conductor. This is superior to paper how? Gold as the basis for currency did not stop inflation even when it was the standard. Debasing currencies goes back to ancient times. Even the 100% fixed by halacha shekel hakodesh experienced inflation during the time of the 2nd Temple, which is why the Temple imposed an exchange rate that valued a shekel at more than a shekel.

But now we have not just fringe nut jobs, but respectable people capable of getting their opinions published in major newspapers, urging a return to the gold standard.


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