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Politics : Foreign Affairs Discussion Group

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To: TimF who wrote (261085)	4/9/2008 12:42:59 PM
From: c.hinton	Read Replies (1) of 281500

maybe ...under a gold standard one must stem any excessive outflow of gold by raising rates.... foreign investors were selling up and draining gold reserves ...the choice the fed had was very limited. The choice was one of maintaining gold parity at the cost of large scale unemployment and business failure or dropping the standard and inflating. Conservatives hated the idea of applying socialist keynsian measures....that is debasing the currency and increasing gov defict spending. PS yes tim, your grandfather would have considered you a socialist.

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