Tuesday, October 6, 2015

Ben Bernanke on Ron Paul's Understanding of the Gold Standard

Ben Bernanke's new book just came in the mail, The Courage to Act: A Memoir of a Crisis and Its Aftermath, so I haven't had a chance to read it in full, but I did come across this thigh-slapper (pp. 450-52)
I had cordial private discussions with the congressman, including over breakfast at the Fed. He was certainly sincere, but his thinking was dogmatic. He lacked a clear understanding of how the historical gold standard actually had worked (as opposed to an idealized version).
Yes, Bernanke is discussing the Ron Paul who  (with Lew Lehrman) wrote,  The Case for Gold: A Minority Report of the U.S. Gold Commission