The gold standard: Myths and lies

posted by
June 15, 2011
by Bob Murphy  
Posted in Commentary

"If the gold standard caused the Great Depression, what else was going on? After all, the gold standard wasn't implemented in the 1920s. Although there had been plenty of industrial crises or financial panics in the previous hundred years, there had been no prolonged global depression approaching the experience of the 1930s — even as more and more countries joined the growing worldwide market of gold-based economies. So clearly it's not enough to point to the 'golden fetters' of the monetary system to explain what happened in the Great Depression." (06/16/11)  

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