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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mark Adams who wrote (107027)6/6/2001 6:38:22 PM
From: Ilaine  Read Replies (1) of 436258
 
FWIW, Greenspan thinks the gold standard worked "rather well" - - from a speech in 1997:

>>International stabilization was implemented by more or less automatic gold flows from those financial markets where conditions were lax to those where liquidity was in short supply. To some, myself included, the system appears to have worked rather well. To others, the gold standard was perceived as too rigid or unstable, and in any event the inability to finance discretionary policy, both monetary and fiscal, led first to a further compromise of the gold standard system after World War I, and by the 1930s it had been essentially abandoned.<<

cato.org
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