{"id":17067,"date":"2012-08-24T07:19:41","date_gmt":"2012-08-24T06:19:41","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=17067"},"modified":"2012-08-24T07:19:41","modified_gmt":"2012-08-24T06:19:41","slug":"the-republicans-and-the-gold-standard-mad-bad-or-both","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/08\/24\/the-republicans-and-the-gold-standard-mad-bad-or-both\/","title":{"rendered":"The Republicans and the gold standard:  mad, bad or both"},"content":{"rendered":"<p>The <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/06ebfdaa-ed3f-11e1-83d1-00144feab49a.html#axzz24G87hz7p\" target=\"_blank\">FT carries news this morning<\/a> that the Republicans want to investigate a return to the gold standard.<\/p>\n<p>That's the arrangement where a countries currency is fixed against the price of gold and not the value of what it can earn for itself.<\/p>\n<p>So the laws of supply and demand for the currency are suspended.<\/p>\n<p>And the\u00a0opportunity to set interest rates to suit domestic need are foregone. The rate is set instead to ensure that there is a balance on exchange\u00a0flows to ensure that gold parity is maintained.<\/p>\n<p>And the right to print money - the one thing that has saved the UK and US from an EI style fate - is\u00a0given\u00a0up since the quantity of gold determines how much money there is.<\/p>\n<p>And if the gold price varies - as it has enormously - so does the\u00a0value of your trade - with massive\u00a0resulting risk.<\/p>\n<p>And the opportunity for a country to price its\u00a0population into work is foregone - with all the\u00a0consequences seen until the standard was abandoned in the 1930s.<\/p>\n<p>All that so that the global wealthy elite can think there money - I stress their money - is\u00a0worth something whatever happens to the people in the country where they live.<\/p>\n<p>I mean very genuinely that these people are either mad or bad or both.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FT carries news this morning that the Republicans want to investigate a return to the gold standard. That&#8217;s the arrangement where a countries currency<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/08\/24\/the-republicans-and-the-gold-standard-mad-bad-or-both\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-17067","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/17067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=17067"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/17067\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=17067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=17067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=17067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}