Jim Farmelant
On Thu, 3 Sep 1998 12:31:32 -0400 Doug Henwood <dhenwood at panix.com>
writes:
>Jon Fine wrote:
>
>>At any rate--Jack Kemp wrote Greenspan pressing him to return to the
>gold
>>standard:
>>
>>http://www.suntimes.com/output/novak/novak01.htm.
>>
>>Suspect there's many here better at judging the
>>significance/weirdness/hilarity
>>of this than I am. Can someone put this in context for the rest of
>us?
>
>Greenspan, of course, wrote that famous essay "Gold & economic
>freedom" for
>Any Rand's Objectivist newsletter in the 1960s. Gold, said AG, was an
>essential bulwark against the revolt of the have-nots.
>
>Kemp is a hoot. On the one hand, he urges AG to loosen and rescue the
>world. On the other hand he wants the most austere monetary regime
>imaginable, a gold standard. Since the gold supply rises by some 2% a
>year,
>a gold standard would put a stifling cap on nominal GDP growth rates;
>even
>if prices were flat, stagnation, punctuated by financial crises, would
>be
>the best we could hope for.
>
>Going one better, didn't Hayek believe in a declining money supply &
>price
>level?
>
>Doug
>
>
>
>
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