Whenever I see charts in the daily articles about recessions, I see that there were lots of recessions during the previous gold standard. If it’s the Miseans/Rothbardians contention that the gold standard prevents the business cycle, then was there something wrong with the previous gold standard? If…

Mike, On e-gold, my admittedly limited understanding is that they are still open and operating, as are a dozen others like them. The April affair, which I agree seems excessive, apparently only affected a modest portion of their assets. I think it is the irreverisible transactions aspect of their s…

How do you moderate cycles without infringing on liberty? Do you mean by pro-cyclical planning? If so, do you mean that individuals can do this in varying magnitudes, or do you mean a central financial planner should do this? Also, you say there will always be a boom/bust cycle. Do you mean that,…

So that’s the basis of this entire exchange? That and Hayek’s views on the matter which differ from the Austrian school when it comes to monetary policy.

Jason, Risk arbitrarge is the legitimate source of banks’ income as they serve the function of evaluating the credit worthiness of borrowers. As we can plainly see during the current mortgage financing fiasco, in a fiat money system, the big well-connected banks do not suffer the consequences of be…

“big well-connected banks do not suffer the consequences of betting wrong.” Of course they do, as anyone who actually owns bank shares knows. Once again, we see the condemnation of a side of a trade the condemner is not willing to take himself, the sure sign of conscious dishonesty. Honest disagree…

That’s the second time you’ve called someone a socialist for not supporting your Big Central Government model. According to my understanding Central Banks are government institutions and the corporatism which is evident by the big banks getting what they want out of them is the direct result of Bi…

One must wonder what government intervention in the monetary sector has to do with capitalism or libertarianism…

Care to prove these statements? As far as I know, seriously, the only time there have been “business cycles” as Murray N. Rothbard defines them as widespread economic downturn, has been during some course of economic tampering by the government.

“you’ve called someone a socialist for not supporting your Big Central Government model” I don’t have a big central government model. I don’t have a model at all - I’ve already stated my scale of preferences among typical monetary arrangements, but I’ve also indicated most of them are just fine wit…

Niccolo - I can answer your question in a single word - famine. Clearly there were widespread economic downturns in pre modern agricultural societies, some of them severe enough to imperil physical existence for large numbers of people. Government sponsored central banking is no older than John La…

What was wrong with the previous gold standard?

Economics Economics Questions

BrianAnderson January 3, 2011, 1:50pm 34

https://forum.freecapitalists.org/t/panics-recessions-before-the-fed/13244
https://forum.freecapitalists.org/t/booms-and-busts-before-the-fed-era/12291

There are also links within those two.

Do you mean they would issue their own special brand of paper money that could be redeemable in gold, and they’d be allowed to risk a certain percentage of your money in investments so that they’d be competing for each of their dollars to be worth more?

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What was wrong with the previous gold standard?

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