Keynes celebrates the end of the Gold Standard

Enjoy one of the very few video footage of John Maynard Keynes as he discusses the positive implications the end of the Gold Standard would have on Great Britain.

Category:

Education

Tags:

• keynes
• gold
• standard

[frodly]

@17Spartacus76

So the dozen or so recessions that happened in the nineteenth century, when there was no central bank and no fiat currency helps your argument? My word, what a ludicrous notion. It is about time I leave this discussion, because as Thomas Paine said, "To argue with a man who has renounced his reason is like giving medicine to the dead." At this point medicine will have no impact. Though this is unsurprising as the free market fanatics never reference evidence or reason.

[AdversusHaereses]

@jbrack Actually in "The Panic of 1819" Murray Rothbard does not give the causes for the banking panic. He only gave insight into what happened to the money supply after the Panic. You should look up Bill Still who refutes this "gold standard" myth by showing that it is always in the interest of the most powerful banks to restore a gold standard since the majority of people have little or no access to it. It happened during Julius Caesar's time in the Roman Republic and happened again in the US.

[PrivateAckbar]

@Joe11Blue shit mate.

[Bastiat90]

Libertarians shouldn't celebrate the death of someone who proposed an alternative theory. It goes against the whole libertarian creed. Simply prove him wrong

[CommSense]

what an evil evil man

[Joe11Blue]

@hoodoo961 The Fed does their own CPI calculations.

Friedman was a statist, a less gregarious and partial to Free-Markets, but still a statist. He started out supporting Keynes, so that right there should tell you why Friedman isn't a valid source for anything related to Hayek or Austrian Theory.

[hoodoo961]

@Joe11Blue The BLS (part of Commerce Dept) does the CPI, not the Fed. And the GD was so bad (at least according to Friedman) because the Fed DID NOT print more money; it held the monetary base steady while the money multiplier collapsed due to rising currency/deposit ratio. The Fed was not expansionary when it needed to be.

[hoodoo961]

@tonygmilan7 Keynes was right, if thats what you mean. The British did not experience inflation (at least not before the war) and sterling didn not fall too far even once it left the gold standard regime in 31.

[t3hsauce]

@frodly Dude, the government made regular suspensions on the payment of specie, and inflated the paper money supply numerous times during this period. If it weren't for your comment being typed out, I would doubt you knew how to read.

[StatelessLiberty]

@frodly What I find so ironic, is that the ABCT was conceived to explain the typical 19th century business cycle, yet you feel so confident in citing the 19th century as some kind of great disproof. Even on YouTube you can find lectures on this topic (watch?v=TxcjT8T3EGU).

Like I said before, either you are unaware of the rebuttals or you're just trying to score a cheap point.

[Joe11Blue]

@frodly Let me guess you are calculating this using the GDP using the Fed's CPI figures and expecting no one to notice how full of shit you are. Let me guess you'll also deny that the worst crash in US history occurred under the Federal Reserves watch. I bet you will deny that it ever happened as well.