We “gold bugs” could not have hoped for a worthier adversary as “counsel for the defense” in the indictment of inconvertible paper money than Paul Krugman.
Gary North, a self-identified Austrian school, and niche Presbyterian, thinker publishing at GaryNorth.com is an often thought-provoking outlier whose thinking is worth contemplating. Sometimes, however, he goes beyond outlier to outlandish, so extreme that it takes almost an Aracibo-class radio telescope to tune him in.
“It’s not even a theory; it is a theology.” So Nouriel Roubini, with his best Strangelovian inflection, describes the gold standard to Yahoo Finance’s The Daily Ticker, and in doing so displays shocking ignorance of the gold standard and either the work of Ben Bernanke or a presumption that the rest of the world is ignorant.
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