Bloomberg strongly says they’d better not. Gold is deflationary, plus, much of it today comes from China or Russia, making it a very iffy geopolitical commodity.
We wouldn’t want an oil-standard economy, would we? That’s about how dumb the gold standard is.
Showing posts with label economic depressions. Show all posts
Showing posts with label economic depressions. Show all posts
March 03, 2009
December 01, 2008
Depression 2009 - a prospectus
The Boston Globe's Drake Bennett is not saying a depression is going to happen. BUT, if it did... he says it will look a lot different than 1929.
Bank runs via ATM or online banking? Check. Long ER lines as people drop insurance? Check? Even more isolation? Check.
Speaking of 1929, and isolation, Bennett shatters some cherished, usually conservatively cherished, myths. First, the Great Depression increased, not decreased, communalism. By 1935, Kiwanis, Rotary, etc., had lost about half their pre-Depression membership.
Bank runs via ATM or online banking? Check. Long ER lines as people drop insurance? Check? Even more isolation? Check.
Speaking of 1929, and isolation, Bennett shatters some cherished, usually conservatively cherished, myths. First, the Great Depression increased, not decreased, communalism. By 1935, Kiwanis, Rotary, etc., had lost about half their pre-Depression membership.
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