With gold over $1,500 an ounce, National Public Radio has come out with a negative report on gold. It's slick, real slick. Between providing factual pieces of tidbits surrounding the world going off the gold standard, that most non-economic historians wouldn't know, NPR runs clips of one economist saying that most other economists agree that a paper money standard is better than a gold standard.
There is no discussion at all about the fact that the dollar has depreciated by 95% since the advent of the Fed, and no comment at all about those who justifiably argue that gold provides for a much sounder monetary system than a paper monetary system not backed by gold. Gold being superior,since you can't print gold at random, but you sure can paper money.
In short, the NPR report is dishonest and doesn't accurately portray those who favor a gold standard. It's serious propaganda and shows the elites are very scared that people are beginning to understand the truth.
You can listen to the slick report, here.
(Thanks2DS)
I'd be interested in your point of view on this, but it seems to me the whole "countries that left the gold standard recovered from the Great Depression faster than those countries that didn't" is complete fakery B.S.
ReplyDeleteIf you leave the gold standard, print a bunch of money, use that money to buy stuff in the economy, then count that "stimulus" as increased GDP, you're ending a depression by your own misguided definition of what GDP should be in the first place. By government standards, paying workers to dig and refill holes in the ground with fiat money increases GDP. In any real sense, that's total B.S.
@Annonymous 7:47PM
ReplyDeleteYou nailed it.
These people always blame the gold standard for the Great Depression. In reality, it was the abandonment of the gold standard that caused the Great Depression.
ReplyDeleteOf course, Germany "recovered" from the Great Depression by being transformed into a slave state in which the government directed the business of nominally private industries. When Hitler's illusory Keynesian boom began to falter, the fuhrer started beating the drums of war as a distraction.
National Propaganda Radio. Could you imagine these clowns actually doing a thorougj and objective job here? Besides, a gold standard based system would leave them with no fiat to fund their indoctrination machinations. No surprises here.
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