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Bill Still documentary

http://www.youtube.com/watch?v=7qIhDdST27g

 

Well worth watching but long, perhaps a bookmark for winter deal.

 

Interesting take on US monetary history. I 100% agree with him on one particular matter and that is that a gold standard would be catastrophically deflationary (my conclusion, not his in this context but consistent with his theme).

 

He is a proponent of a non-debt and fractional reserve based monetary system.  It is interesting but I will take a bit of exception with the notion that the periods of fiat issuance in US history (Revoltionary scrip and Civil War greenbacks) were halcyon times. They were actually sharply infationary but necessary for national survival.

 

I'd tend to lean to the softer money side, like him, but don't think it really acknowledges the Keynesian conundrum which is that there is that when (fiscal) monetary policy is political there is almost irrresistible pressure to be accomodative.

 

Anyway, I saw somewhere that something like 40+% of respondents favor a return to the gold standard which in my mind merely demonstrates the enormous degree of confusion on macro matters and the fact that there are lots of folks willing to grab onto some long haired ideological theory.

 

I beleive that Still is running for the Libertarian nomination.