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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: BGR who wrote (71660)	12/9/1999 6:25:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 132070

BGR, i guess your reply is a variation of" history is bunk " ho ho ho Mike

To: BGR who wrote (71660)	12/10/1999 10:26:00 AM
From: Mike M2	Read Replies (1) \| Respond to of 132070

BGR, I think Warburg's comments are quite revealing and gives significant evidence to the Austrian perspective. do you question Warburgs judgement ? What is the difference between the 20s and now ? Mike

To: BGR who wrote (71660)	12/10/1999 10:58:00 AM
From: Mike M2	Read Replies (1) \| Respond to of 132070

BGR, Sir Josiah Stamp - a director of the Bank of England during the tough love 30s wrote: " The charge often made by continental writers that the responsibility for working the gold standard throughout the industrial organism was not recognised, must be admitted to be in part true. The gold standard certainly presupposes that the flow of gold to balance international trade must work out its effects in raising and lowering costs; otherwise that standard is meaningless. The gold was flowing for political reasons that were artificial compared with the balance of trade, and every effort was made to prevent wages and other costs rising and falling. The natural reactions of the gold standard were, therefore, denied- denied no doubt, or prevented , in self protection, but all the same having the effects of prevention in destroying the self-balancing qualities of the gold standard" Economic essays in Honour of Gustav Cassel p. 601 quoted in Lionel Robbins " The Great Depression" p. 99. ho ho ho Mike