Golden fetters
by Barry J. Eichengreen · first published 1992
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Not really. The last nail in the coffin of serious research on the gold standard was "Golden Fetters" by Eichengreen. It has a phenomenal and indisputable country-by-country timeline showing the cycle of deflationary behavior stopping during the Great Depression in country after country shortly following…
on “The Economic News Isn't All Bleak” ↗Barry Eichengreen's excellent book "Golden Fetters" actually demonstrates very convincingly using cross-national time series analysis that economic recovery across the world began on average around six months after countries left the gold standard. This…
on “How Franklin Roosevelt Secretly Ended the Gold Standard” ↗…abandoning the gold standard. Countries which depreciated/unpegged their currencies recovered much faster. Large sample regressions with graphs, detailed timelines and other supporting data in Eichengreen's Golden Fetters.
on “Why the dollar is going to collapse” ↗This is a truth accepted by economists of basically all political persuasion at this point. The best book on the subject is Barry Eichengreen's "Golden Fetters", but you can get a faster sense of things by going to NBER (nber.org), searching for "great depression" or "gold standard" and walking through the results.
on “Building a Better Bitcoin” ↗The title is a reference to the book "Golden Fetters" by Barry Eichengreen which discusses the role the gold standard played in transmitting deflation during the Great Depression. Krugman isn't citing statistics because Eichengreen does the heavy lifting…
on “Krugman on BitCoin” ↗…history, why would anyone go towards a new (digital) gold standard? It's a bad system: * https://archive.is/https://www.theatlantic.com/business/arch... * https://www.goodreads.com/book/show/775143.Golden_Fetters that limits monetary and fiscal flexibility and helped usher in and prolong the Great Depression.
on “Bitcoin price hits $100K for first time in history” ↗…https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3667789 and both are something worse, deflationary: * https://www.nber.org/books-and-chapters/financial-markets-an... * https://www.goodreads.com/book/show/775143.Golden_Fetters Gold did not help in stabilizing currencies or economies: * https://archive.is/https://www.theatlantic.com/business/arch... and neither would Bitcoin.
on “Bitcoin price hits $100K for first time in history” ↗> https://www.goodreads.com/book/show/775143.Golden_Fetters just wanted to note that they are using a 20-year history window as an argument, while the gold standard existed for about 3500 years before that, across very different cultures.
on “Bitcoin price hits $100K for first time in history” ↗…hopefully something works' type. Germany stayed and did austerity. They couldn't leave the gold standard as it would make it even hard to pay back debt. Adam Tooze pointed this out on his commentary on "Golden Fetters". If somebody would have lent them a lot more money if they had wanted to do a massive stimulus program is questionable, the terms would have been harsh. So its understandable they didn't want even more…
on “Hyperinflation Heralded the Fall of German Democracy (2023)” ↗