An LRC reader sends this quote on gold and the Great Depression from Ben Bernanke:

“Second, for reasons that were largely historical, political, and philosophical rather than purely economic, some governments responded to the crises of the early 1930s by quickly abandoning the gold standard, while others chose to remain on gold despite adverse conditions. Countries that left gold were able to reflate their money supplies and price levels, and did so after some delay; countries remaining on gold were forced into further deflation. To an overwhelming degree, the evidence shows that countries that left the gold standard recovered from the Depression more quickly than countries that remained on gold. Indeed, no country exhibited significant economic recovery while remaining on the gold standard. The strong dependence of the rate of recovery on the choice of exchange-rate regime is further, powerful evidence for the importance of monetary factors.”

So Bernanke inhibits a bizaro world where gold causes economic crises while fiat currencies guarantee prosperity. He’ll fit right in at the Fed.

The official right, which has abandoned any interest in sound monetary policy, is in love with Bernanke. But over at The Nation, Nicholas von Hoffman instructs his fellow leftists on how the inflationary policies of Greenspan and Bernanke harm the working class and reveals the extent to which the state goes to hide the true rate of inflation.

Is it possible the left will join libertarians in an anti-Fed coalition? Before dismissing the idea, remember that labor unions once opposed fiat money and legal tender laws.