Saw this article on yahoo. http://finance.yahoo.com/news/getti...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3
Has this quote:
In his ideal world, says Grant, he would lay out a three-year program to convert back to the gold standard, probably at around $2,500 per ounce of gold. He adds that he would take great care to avoid the notorious blunder made by Winston Churchill and the British back in 1925, when they went back on the gold standard at too high a price, and imposed brutal deflation on the economy. Alas, he admits, this would need an act of Congress.
Is this the exact opposite what Richards has said? I thought Rickards said that they made the gold price too low back then so it was deflationary. The money supplied had doubled since the the war but they tried to go back to a gold price that was half the money supply.
Anyone have thoughts in this? Is this just a misquote?
Has this quote:
In his ideal world, says Grant, he would lay out a three-year program to convert back to the gold standard, probably at around $2,500 per ounce of gold. He adds that he would take great care to avoid the notorious blunder made by Winston Churchill and the British back in 1925, when they went back on the gold standard at too high a price, and imposed brutal deflation on the economy. Alas, he admits, this would need an act of Congress.
Is this the exact opposite what Richards has said? I thought Rickards said that they made the gold price too low back then so it was deflationary. The money supplied had doubled since the the war but they tried to go back to a gold price that was half the money supply.
Anyone have thoughts in this? Is this just a misquote?