Battlepanda: Goldbuggery


Always trying to figure things out with the minimum of bullshit and the maximum of belligerence.

Tuesday, December 13, 2005


James Hamilton has written the definitive take-down of the supposed benefits of pegging one's currency on a gold standard. Brad Delong says it shorter: "If your government doesn't have monetary-policy credibility, attempting to establish that credibility by going on the Gold Standard is a recipe for disaster. If your government does have monetary-policy credibility, going on the Gold Standard doesn't gain you anything"