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Pastimes : Ask Mohan about the Market
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To: Mike M2 who wrote (8731)11/20/1997 4:01:00 PM
From: Tommaso  Read Replies (1) of 18056
 
A return to gold reserves would be regressive, but lots of regressive things have happened in history. But don't you think that an attempt to exchange treasuries for gold would drive down the price of one and drive up the price of the other, although it might be worth it if the U.S. started increasing its own money supply at a huge rate.

I think the Japanese should just create new fiat currency and let the yen sink. They have got themselves into something like what Britain was in during the 1920s--except the British experience was worse because Winston Churchill and others were determined to get the pound back to being worth $5 or so in US gold.

I guess they could start putting some of the trade surplus into gold, but that would be even more deflationary, wouldn't it?

It's a lot easier to talk about than to solve it, in any case.
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