tag:blogger.com,1999:blog-16531245.post5366884333845447257..comments2023-09-28T08:06:35.641-04:00Comments on Meanwhile, back at the Ranch...: the gold standard: nugget of idiocyel rancherohttp://www.blogger.com/profile/03481794179892215503noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-16531245.post-58810499283857325892011-02-07T08:43:34.456-05:002011-02-07T08:43:34.456-05:00I'm reading this before my morning caffeine, s...I'm reading this before my morning caffeine, so I may be missing something here, but I think recent events have shown that taking government levers out of the manipulation of currency is <i>not</i>, in fact, a lesser evil. Countries like Ireland and Greece, for instance, have been unable to dig themselves out of their current mess in part because they lack the ability to devalue their own currency. <br /><br />In a sense, the same argument most frequently used for keeping one's sovereignty over their own currency similarly discredits this thesis in support of the gold standard. Stripping one's own country of the ability to use monetary policy to its advantage is just daft.el rancherohttps://www.blogger.com/profile/03481794179892215503noreply@blogger.comtag:blogger.com,1999:blog-16531245.post-82154228367768103912011-02-06T11:45:41.441-05:002011-02-06T11:45:41.441-05:00To be fair, the libertarian rationale for tying mo...To be fair, the libertarian rationale for tying money to gold is to take 50,000 government levers out of the manipulation of currency at once. Lesser of two evils sort of thing.<br /><br />The ultimate deconstruction of Midas, of course, is <a href="http://www.youtube.com/watch?v=KeQVq7nqEK0" rel="nofollow">David Mitchell's offhand note that creating a glut of gold is not a good system for increasing its value</a>.Feynman and Coulter's Love Childhttps://www.blogger.com/profile/05129851946309441082noreply@blogger.com