University of Chicago survey of 40 economists found unanimous and vehement opposition to resurrecting the gold standard.
Forty foxes vehemently opposed putting locks on the henhouse door...University of Chicago survey of 40 economists found unanimous and vehement opposition to resurrecting the gold standard.
People like Bob Dole used to be mainstream conservative Republicans. Then Jack Kemp slapped us alongside the head with a blinding flash of the obvious: by opposing Democrat spending and then supporting taxes to balance the budget to avoid inflation, Republicans were acting as enablers for the Democrats’ “tax and tax, spend and spend, elect and elect” strategy. Kemp struggled in the 1970s to get Republicans to stop doing it, and finally with Reagan in the White House committed to Kemp-Roth, Kemp triumphed when the income tax rate was slashed and tax revenue essentially doubled over less than eight years.That is relevant to the Gold Standard, in the sense that Jack Kemp published an open letter to Reagan before his inauguration, advocating that the US government should sell off Fort Knox. His purpose? He asserted that if the US did not have any significant gold reserve, that would ironically put the US on a gold standard. He argued that, without that gold, the only thing sustaining the value of the dollar would then be fiscal discipline. There would not then, in his theory, be any way to operate financially without keeping the books in good balance. The situation, IOW, would be so dangerous it would be safe.