The purpose of the following is to argue that the “gold standard,” as understood by most of the public, did not cause or worsen the Great Depression as current FED Chairman Ben Bernanke has based many of his papers, speeches, and, to a large extent, his entire career on. In our contemporary times, I do believe this blame must be firmly rejected and monetary policy should, at the very least, be debated in a national forum. Indeed many other economists, such as the Friedman family, Anna Schwartz, Alan Greenspan, and Jeffrey “Shock Doctor” Sachs, have all propagated this lie. FULL ARTICLE
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11 comments ↓
Isn’t that just what these people do? They blame everything bad on freedom, free exchange, liberty, etc – in order to justify more control for themselves…
If you haven’t read it yet, Murray Rothbard’s “What Has Government Done to our Money” is an invaluable resource.
Jake, I thank you for the effort and information you posted here…Good and Meaty stuff ! So let me see if I got it correct, based on what you wrote:
1. The Current fed Chair is a liar.And has been propagating the lie with continued Mis information of and about what the true american economy is and the current state of it.
2. That the powers that were in control back during the Wilson administration was convinced by the economic giants of that era, that because of their need of cheap and ease to obtain credit to make more and more money, to TRY and creat more jobs…wasn’t going to happen unless the US Government did away with the Gold standard ( as they & we understood it to be)
3. The Comes along FDR a short time later, taking what fiscal power the small or little people had, by having congress pass laws that took away our ability to own gold( and not coinage we are “permited” to at this time) so the US and other european governments could keep their currencies stronger by having what Gold was in our /their reserves, thus creating a false fiscal front. Which prior to that lead to the Over selling of the stock market, and the collapse and the Great Depression that follwed there after…Have I got that straight ? or did i miss something ? If Bernake has been lying all along, And when Volker was in office at the Fed…was he lying too ? Thanks Jake,keep the fire under the Fed’s feet.They need to know that, we the people are mad as hell and we aint gonna take it anymore…That is and once we can get by all those lobbiests who keep throwing millions at our elected officals that is..right ?
The fed is little more than a criminal gang – just like the rest of the federal government.
The Fed is or appears to be part of the Congresses fiscal thugs. What can we the people do ? Well for those people who are going to be there in Washington,DC for the “inaugeration” they should also make it a point to stop, and visit there Congressional representivie, as Well as Both their US Senators. if the people there and are able to be there don’t catch the ear of those elected officials the yet another chance for the People of America will pass by like a big puffy cloud in the sky…And during the next election cycle, we will not be any better, any freeer from the “fiscal” oppression we now face. Too bad we the people couldn’t stop Henry Paulson and spent a mere 2 hundred billion to bail out the Middle class of America with the unemployment now at 7.2% …instead of the trillion plus that has been spent,lent or promised,borrowed…sigh…but seeing I am NOT a math wizard, isn’t 200 billion less than a 1.2 Trillion ? A silly Independent Populist named Lou Dobbs who seems to very much disliked by the Washington DC elite and political conservitives alike…thought his idea of 15 months ago to bail out the middle class and NOT Wall Street or the banking Industry…did anyone here stand up and say anything about that ??
Don’t waste the time and energy…not one Populist here did …so much for free speech huh ? reminds me of politicall correct Church…they say little not to offend everyone..maybe America needs to offended so everyone would walk up and in one voice tell Washington to STOP…you are fired…but is that really ever going to happen ??
I think this point is quite important:
“Too bad we the people couldn’t stop Henry Paulson…”
From what I read in news reports, people were calling their reps 100-1 in opposition to the last round of bailouts. And you know what? These criminals passed it anyway.
This government has no interest in what the people want – and even in the face of overwhelming opposition, they still go ahead and steal more of our money.
Representative government, in my opinion, is a complete and abject failure.
I’m looking to local ideas – like the Free State Project
Hey Frank, thanks for the link…will check it out later today…
Sure thing, Steve. FSP is doing a lot of great stuff – activism, media, etc, etc, etc. All promoting ideals of liberty on a local level. I’m really starting to think that these types of movements are really the best way to fight the massive tyranny coming out of D.C.
Hey Frank, i checked out the site…and yes it looks like they got several good ideas that can be used else where in America. Enjoy the rest of the week
Of course Bernanke would want to blame the great depression on freedom in the monetary world.
His entire life, and his current job, relies on policies that are the exact opposite of the gold standard, and thus, his opinion really should be seen for what it is – self interest.
Another Bernanke whopper – that printing a bunch of money (or going even deeper into debt) will somehow fix the problems that he and his buddies at the fed created.
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