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Politics : Foreign Affairs Discussion Group

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To: LindyBill who wrote (43004)	9/10/2002 7:32:04 AM
From: maceng2	Read Replies (1) of 281500

Historical note regarding Keynes. In 1923 he published A Tract on Monetary Reform which identified Keynes as the foremost opponent of the 'official' policy of returning sterling to the gold standard at the pre-war parity with the dollar. When Winston Churchill put sterling back on the gold standard on 20 April 1925 Keynes immediately attacked the decision in the pamphlet, The Economic Consequences of Mr Churchill. econ.canterbury.ac.nz Note the words pre-war parity It was as if Britain wasn't bankrupted by WW1 and as if WW1 had not happened. Long live the empire. Ah here we go... a suitable FADG link.. theatlantic.com "The Economic Consequences of Mr. Churchill." He took the then Chancellor of the Exchequer to task for having brought the pound back to the gold standard too soon after the First World War and at too high a value. Keynes predicted dire economic consequences. He was right. The British economy stagnated, resulting in years of unemployment above 10 percent even before the Great Depression. Because Britain was still central to world trade, its deflation spread deflation around the globe. My only point is a non fiat currency is not necessarily bad for lower wage earners. High unemployment (another concern of Keynes that could be triggered by gold backed currency) is or should be a concern for everyone. More people working equals more money in the system for rich and poor alike. Overall I prefer a money system that governments and bankers can jigger with the least.

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