Real capitalists use the gold standard
Writing by abuhatem on Sunday, 12 of October , 2008 at 6:10 pm
Its really interesting the sheer number of articles written this weekend, from the New York Times and Washington Post to the Times of London, Le Monde, The Times of India and all the other world newspapers on how capitalism caused this crisis and how the U.S. is beginning to go into decline.
Rubbish.
Anyone who has even looked at the dictionary definition of capitalism (in the most basic sense - an economic system which recognizes the natural right to private property) knows that the gold standard was always a integral aspect of the capitalist system, the best economic system in the world both in its respect for justice and natural rights and in its generation of prosperity.
But government fiat based currency and central banking wherein the government and economy runs on debt, and has the authority and power to devalue our banknotes continually, is not capitalism.
It was John Maynard Keynes and the left who have always hated the gold standard and have been the most vocal against it, not conservative capitalists. Keynes saw the gold standard as a relic of barbarism. The Atlantic Monthly, the New Republic, and all of the mainstream leftist publications in the U.S. have blasted the gold standard continually.
Two quotes from real capitalist conservatives - Ludwig von Mises and Ronald Reagan - on the gold standard follow,
Mises:
The superiority of the gold standard consists in the fact that the value of gold develops independent of political actions.
The gold standard was the world standard of the age of capitalism, increasing welfare, liberty, and democracy, both political and economic.
All those intent upon sabotaging the evolution toward welfare, peace, freedom, and democracy loathed the gold standard, and not only on account of its economic significance.
And Ronald Reagan:
Any great nation that goes off the gold standard ends being a great nation.
Category: American Politics, Economics
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