Paul Krugman observes how life under a gold standard is not pleasant: Anyway, one alleged fact I keep hearing is that recessions were short and shallow under the gold standard. I don’t know where that’s coming from, but it just ain’t so. The data aren’t as good for the pre-1933 era as they are now, … Continue reading Gold Standard Not Attractive
gold standard
The U.S. is NOT Bankrupt – It’s Impossible
I'll try to make this point again: the U.S. government can NOT go bankrupt. It's impossible for it to default on U.S. government bonds. Just like it's impossible for Japan, Australia, Canada, the U.K., or any of the other nations that: have a non-convertible, floating exchange-rate currency and that borrow funds in their own currency. … Continue reading The U.S. is NOT Bankrupt – It’s Impossible
EconProph 