Tuesday, January 27, 2009

Warning: A Blog About Monetary Policy

Richard Nixon was politically crucified on the cross of the gold standard, argue Stephen Moore and John Tamny in the "American Spectator":
With the real economy weakening due to rising inflation, Nixon’s approval ratings tanked, which allowed the relatively minor scandal of Watergate to force his resignation. Some years after he left office, Nixon told a group of friends and advisors that the policy decision he regretted most was taking America off the gold standard, and that had he not done that, he could have withstood the Watergate scandal.

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