The Validus Medicus and a new gold standard.

摘要

Of England's decision to leave the gold standard in 1931, Lord Keynes quipped: "There are few Englishmen who do not rejoice at the breaking of our gold fetters."The gold standard seems to have worked pretty well for big economies up to the First World War. But on the brink of the Depression Keynes thought of gold-based currencies much as a polio-stricken Roosevelt thought of iron leg braces painted gold: they're old, and pretty interesting to look at, sure. But when big movements or fluctuations are required-such as when a big economy changes the backing of its currency, or when a man in iron stockings goes to kick a ball-or when you need to make a fast turn on a dime-the process of converting gold fetters into material welfare is cumbersome and inefficient.