Friday, January 13, 2012

Just A Reminder

Whether Monetarist or Keynesian, there is a consensus amongst economists that FDR served the country well in 1933 by revaluing the gold exchange rate from $20.67 per ounce to $35 per ounce. Thus, when you hear about NGDP targeting or any other monetary stimulus plan, bear in mind that each idea represents some derivative of the FDR policy (i.e., expand the money supply and create inflation). So, I ask -- how could you possibly be anything but bullish about the prospects for gold?
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