“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.
In slurring supporters of gold as “lunatics and hacks,” Roubini falls into lockstep with other leading defenders of the status quo: Prof. Barry Eichengreen in “A Critique Of Pure Gold” in The National Interest‘s September-October issue, Thomas Frank, in the July issue of Harper’s Magazine, calling gold “yet another eccentricity of the right-wing fringe … into the mainstream of American life,” Paul Krugman’s July 6 New York Times blog post, “The Armageddon Caucus“: “Gold bugs have taken over the GOP,” Think Progress‘ June 9 report by Marie Diamond stating that “Tea Party groups are determined to make returning to the gold standard a litmus test for GOP presidential candidates. And it looks like they’re succeeding,” and the Roosevelt Institute’s Mike Konczal blogging on April 27, “Conservatives are organizing against a full employment mandate and rallying around the gold standard wing of their party.”
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