The Ron Paul Effect at the GOP Convention

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Returning to some version of a gold standard is going to be a part of the party platform. The British Keyneisans and socialists (or do I repeat myself?) at the Financial Times conclude that by depriving the Fed of the ability to attempt Soviet-style central planning of the economy a gold standard will cause more unemployment. Of course, these are the same people who sneered and laughed at Austrian economists who were warning of a real estate bubble as early as 2001; who advocated the creation of a housing bubble to replace the bursted stock market bubble; who admitted to being completely in the dark about the cause of the Great Recession; and then once the recession was reality advocated more of the same things that caused the crash in the first place (more government spending, taxing, regulating, and money printing).

4:32 pm on August 23, 2012