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Pastimes : Book Nook
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To: Ilaine who wrote (129)3/30/2001 1:51:43 PM
From: Thomas M.  Read Replies (1) of 443
 
I was trying to explain to the gold bugs that at some point the fraction of reserves of gold will be so low that even on the gold standard the money will be essentially unbacked.

I don't see how that is relevant to the debate of gold vs. fiat. This pertains only to fractional reserve vs. non-fractional reserve issue.

My perception is that by 1929 the flaws in the gold standard were patently obvious.

Please explain them to me, because I don't see them. It looks to me like the gold standard made stock markets go down and interest rates go up in hard times, which is how it should be.

If you visit the microfilm room of your public library and start reading the July 1, 1929 New York times and go on from there, you'll see what I mean.

I wouldn't consider this a reliable source. If you read the NY Times today, they would have you believe that we are suffering under an oppressive monetary regime courtesy of Alan Greenspan.

Tom
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