Reagan, the Gold Standard, and Ron Paul

Once, when our Ron was invited on the other Ron’s Air Force One for a flight to Houston, Ron Paul commented on Reagan’s watch, which was made from a $20 gold piece. “I wish we still had that monetary system,” said Ron Paul. “You know, no nation that abandoned the gold standard has remained great,” said Reagan.

Ken Langston reminds me of this item from Robert Novak, quoted by the late Jude Wanniski.

“In 1986 at the height of the Iran-Contra scandal, I was President Reagan’s guest at lunch in the White House. Near its end, I asked him if he ever regretted not pressing for a gold standard. ‘Oh, yes,’ he said. ‘That would really have stabilized the economy, but…” ‘Mr. President!’ his chief of staff, Donald Regan, interrupted sharply. ‘Oh,’ said the president, with his characteristic shake of the head and half-smile, ‘Don doesn’t like me to talk about the gold standard.'”


10:09 pm on January 30, 2008