Steve Forbes: The New York Times' leaden analysis of gold


By Steve Forbes
Wednesday, December 9, 2015

The New York Times recently ran an article trashing the idea of a return to a gold standard:

A growing number of Republicans, including presidential hopeful Sen. Ted Cruz, advocate fixing the value of the dollar to gold.

If the purpose of the Times story was to discredit such a possibility before it gained any more momentum, it failed. The piece is actually useful in that it encapsulates some of the egregious myths, misunderstandings and just plain ignorance of what a gold standard is all about.

The purpose of a gold standard is to ensure that a currency has a fixed value, just as measures of time, weight, and distance are fixed. We don't "float" the number of minutes in an hour or inches in a foot. Yet, strangely, economists believe that constantly changing the value of a currency is good for growth. ...

... For the remainder of the commentary:


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