The Past Speaks

The inimitable Martin Wolf has published a great blog post assessing the recent proposals that have been made for a return to the gold standard.

In short, we cannot and will not go back to the gold standard. As L.P. Hartley wrote, “The past is a foreign country: they do things differently there.” We cannot live in the 19th century. It is foolish to pretend that we can.
See here.