2026 TeoTwawKi ... 2032 Darkest Interregnum Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 374.22

-0.2%

Nov 21 4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: TobagoJack who wrote (3566)	1/18/2006 1:27:05 PM
From: Slagle	Read Replies (2) of 217943

TobagoJack Re: "Bad History" The piece by Krassimir Petros (and which is being posted everywhere)contains some pretty bad history. He states that there was a big inflation in the 1920's but in fact there was a great deal of deflation, especially in the very important farm sector long before the depression. And it is not true that Roosevelt moved to abandon the gold standard due to inflation of the paper currency during the "roaring 20's"; in fact there had been a powerful effort to take measures to inflate the currency on the part of populist politicians for a long time. And Roosevelt was largely reacting to these forces and also to the earlier abandonment of the gold standard by England. You had the William Jennings Bryan 1896 "Cross of Gold" speech and indeed an important element of Bryanism was the push to inflate the currency, at first through "free and unlimited coinage of silver". Later you had a whole faction of populists politicians who proudly proclaimed to be "inflationists"; their leader at the beginning of the New Deal being Senator Elmer Thomas, Democrat of Oklahoma. The inflationists enlisted the support of Walter Lippmann, who wrote a powerful editorial column calling for abandonment of the gold standard and extolling the virtues of currency inflation. The Lippmann column made FDR's task much easier. But there was much opposition to abandonment within Roosevelt's inner circle, especially Lew Douglas and Willie Woodin and Paul Warburg. Of course all the hard left New Dealers were inflationists. It could be that many of todays politicians may be closet inflationists and that Petros could have made his case even stronger by keeping his historical facts straight. Inflation today would serve the same political purpose today that it may have 80 years or more ago, by making lots of indebtedness easier to repay and I suppose would be a form of wealth redistribution which is the goal of the political left. Slagle

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next