'On the far right, the gold standard era is cherished as a beacon of economic stability. Modern economic thought finds that to be the opposite of the truth,' writes columnist hiltzikm.
Whether you call them visionaries or call them chuckleheads--or anything in between--you should tip your hat to the Texas legislature and Gov.
Nor was there any awareness that deficit spending, especially on public works, could be used to preserve employment and therefore address economic instability. Nevertheless, FDR’s decision, shortly after his inauguration, to abandon the gold standard shocked members of his Cabinet. Walking the streets that evening with James Paul Warburg, a Wall Streeter and Roosevelt economic advisor, FDR’s conservative budget director Lewis Douglas muttered, “This is the end of Western civilization.”
Since then, the gold standard has fallen even more deeply out of mainstream economic thought. When the University of Chicago’s Booth School of Business polled its panel of 51 experts, drawn from across the ideological spectrum, if any thought that a return to the gold standard would be “better for the average American,”It doesn’t take much to understand who Shelton is speaking up for when she advocates the gold standard — it’s right there in her work. Her position would place new fetters on U.S.
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