Care to comment?
Difficult transitions aside, what would the nation look like once it was on a gold standard? In some ways, a lot like our recent past.
As economist James Hamilton noted earlier this year, under the gold standard, deep, brutal recessions were pretty much a way of life. Over the 73 years from 1860 to 1933, when the U.S. went off a direct gold standard, the country suffered through 19 recessions.
In the last 73 years, by comparison, the U.S. economy has gone into recession 13 times -- in one respect, only a slight improvement over the gold standard years. But the real change has been in the severity of the recessions. Before the U.S. went off gold, recessions lasted an average of 26 months. After the country dumped the gold standard, the average shrank to 11 months. To put it in context, the Great Recession lasted 18 months, making it 30% shorter than the average gold-standard-era recession.
on the plus side, he summarized ron paul's position relatively accurately, in my opinion. Thats good enough to get the word out because his (the author's) arguments are crap hahaha
Good thing no one cares about AOL.