If the world as a whole returned to the gold standard there would be such fluctuations in the value of gold that it would very soon prove impractical. Today an international gold standard could only mean that a few countries would maintain a real gold standard. The other countries would hang on to the system through a gold exchange standard - where the currency isn't really redeemable in gold but the government attempts to keep a fixed rate between its currency and gold.
Friedrich HayekRelated topics
currency exchange few gold government hang international mean prove rate real redeemable standard system value world todayRelated quotes
Now a writer can make himself a nice career while he is alive by espousing a political cause, working for it, making a profession of believing in it, and if it wins he will be very well placed. All politics is a matter of working hard without reward, or with a living wage for a time, in the hope of booty later. A man can be a Fascist or a Communist and if his outfit gets in he can get to be an ambassador or have a million copies of his books printed by the Government or any of the other rewards the boys dream about.
Ernest Hemingway
We aspire to a new world order, one based on justice, fairness and peace; one that will replace the unjust and unequal system of prevailing today, in which, as the final summit declaration states: "Wealth is concentrated in the hands of a few powers whose wasteful economies are maintained by the exploitation of workers as well as by the transfer and plunder of of the natural and other resources of the peoples of Africa, Latin America, Asia and other regions of the world."
Fidel Castro
If people were told: what makes carnal desire imperious in you is not its pure carnal element. It is the fact that you put into it the essential part of yourself-the need for Unity, the need for God - they wouldn't believe it. To them it seems obvious that the quality of imperious need belongs to the carnal desire as such. In the same way it seems obvious to the miser that the quality of desirability belongs to gold as such, and not to its exchange value.
Simone Weil
Are the solutions offered us always to be too late? Shall we in Great Britain invite three-quarters of the world, including the whole of our Empire, to join with us in evolving a new currency system which shall be stable in terms of commodities? Or would the gold standard countries be interested to learn the terms, which must needs be strict, on which we should be prepared to re-enter the system of a drastically reformed gold standard?
John Maynard Keynes
But further analysis and experience soon raised doubts about the efficacy of these new tools. Empirical research indicated that the Keynesian multiplier was much smaller than earlier analyses had assumed, reduced by a crowding out of interest-sensitive spending caused by an induced increase in the demand for money and by the effect of the larger national debt on long-term interest rates. The leakage of demand through imports and the effect of the fiscal expansion on the exchange rate further reduced the multiplier.
Martin Feldstein
