Bill Clinton Praises the Gold Standard

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Writes Robert Wenzel of EconomicPolicyJournal,com:

File this under unexpected. Former President Bill Clinton blames the current financial crisis on the U.S. leaving the gold standard.

During an interview conducted at the Peterson Institute by Bob Schaeffer, Clinton sounded like a hardcore gold bug as he said that the problems in the economy started when the U.S. went off the gold standard.

He then hedged a bit and justified the U.S.  leaving the gold standard for “economic management” reasons.

Those economic management reasons were, of course, that the U.S. had printed so many dollars at the then price of gold ($35 per ounce) that the U.S. did not have enough gold to back up all the money it printed. But Clinton’s statement clearly implies that he understands that gold is a check on out of control government printing of money.

Do you think Bill and Hillary have a few gold coins tucked away?

On another note, during the same interview, Democrat Clinton makes clear that he doesn’t think the SEC has a case against Goldman Sachs. “I read a lot of material on this,” he says.

The first  roughly two minutes of this clip are priceless; at 1:58 get a load of Bob Schaeffer’s face, just after Clinton says leaving the gold standard was the problem.

I’ve long thought that Bill Clinton was one of the less-bad presidents. Pretty good analysis here. It’s hard to imagine something so compelling from the boob Bush or Obama.

8:02 am on April 29, 2010