{"id":1702,"date":"2014-11-16T18:36:11","date_gmt":"2014-11-16T23:36:11","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1702"},"modified":"2014-11-16T18:36:11","modified_gmt":"2014-11-16T23:36:11","slug":"the-gold-standard-did-not-cause-the-great-depression-part-2-the-cobden-centre","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1702","title":{"rendered":"The Gold Standard Did Not Cause The Great Depression, Part 2 \u00bb The Cobden Centre"},"content":{"rendered":"<p><a href=\"http:\/\/www.cobdencentre.org\/2014\/11\/the-gold-standard-did-not-cause-the-great-depression-part-2\/\">The Gold Standard Did Not Cause The Great Depression, Part 2 \u00bb The Cobden Centre<\/a>.<\/p>\n<p style=\"margin-top: 10px; margin-bottom: 10px; padding-top: 0px; padding-bottom: 0px;\">As noted in my previous column, AEI\u2019s James Pethokoukis and\u00a0<i>National Review<\/i>\u2018s Ramesh Ponnuru \u2014 among many others \u2014 appear to have fallen victim to what I have called the \u201cEichengreen Fallacy.\u201d\u00a0 This refers to the demonstrably incorrect proposition that the gold standard caused the Great Depression.<\/p>\n<p style=\"margin-top: 10px; margin-bottom: 10px; padding-top: 0px; padding-bottom: 0px;\">Pethokoukis proves exactly\u00a0<a style=\"color: #21480d; font-weight: bold; text-decoration: none;\" href=\"http:\/\/www.aei.org\/publication\/gold-standard-fools-gold-republicans\/\" target=\"_blank\">right<\/a>\u00a0in observing that \u201cBenko is a gold-standard advocate and apparently doesn\u2019t much like the words \u2018Hitler\u2019 or \u2018Nazi\u2019 to be in the same area code of any discussion of once again linking the dollar to the shiny yellow metal.\u201d\u00a0 \u201cDoesn\u2019t much like\u201d being falsely linked with Hitler?\u00a0 Perhaps an apology is more in order than an apologia.<\/p>\n<p style=\"margin-top: 10px; margin-bottom: 10px; padding-top: 0px; padding-bottom: 0px;\">My objecting to a demonstrably false implication of the (true) gold standard in the rise of Nazism does not constitute a display of ill will but rather righteous indignation.\u00a0 To give Pethokoukis due credit he thereupon generously devoted an<a style=\"color: #21480d; font-weight: bold; text-decoration: none;\" href=\"http:\/\/www.aei-ideas.org\/2014\/10\/peter-thiel-on-the-gold-standard\/\" target=\"_blank\">AEIdea blog<\/a>\u00a0to reciting\u00a0<a style=\"color: #21480d; font-weight: bold; text-decoration: none;\" href=\"http:\/\/www.forbes.com\/profile\/peter-thiel\/\" target=\"_blank\">Peter Thiel<\/a>\u2019s praise for the gold standard, praise which triggered a\u00a0<a style=\"color: #21480d; font-weight: bold; text-decoration: none;\" href=\"http:\/\/www.washingtonpost.com\/blogs\/wonkblog\/wp\/2014\/10\/28\/the-worst-possible-case-for-the-worst-possible-idea-the-gold-standard\/\" target=\"_blank\">hysterical reaction<\/a>\u00a0from the\u00a0<i>Washington Post<\/i>\u2018s\u00a0Matt O\u2019Brien.<\/p>\n<p style=\"margin-top: 10px; margin-bottom: 10px; padding-top: 0px; padding-bottom: 0px;\">Pethokoukis\u2019s earlier (and repeated) vilification of gold was followed by a column in the\u00a0<i>Washington Times<\/i>\u00a0by a director of the venerable Committee for Monetary Research and Education Daniel Oliver, Jr.,\u00a0<a style=\"color: #21480d; font-weight: bold; text-decoration: none;\" href=\"http:\/\/www.washingtontimes.com\/news\/2014\/oct\/1\/oliver-liberty-and-wealth-require-sound-money\/\" target=\"_blank\">Liberty and wealth require sound money<\/a>. In it, Oliver states:<\/p>\n<p><span class=\"Apple-style-span\" style=\"color: #04002b; font-family: sans-serif; line-height: normal;\">&#8211; See more at: http:\/\/www.cobdencentre.org\/2014\/11\/the-gold-standard-did-not-cause-the-great-depression-part-2\/#sthash.U1Yzkw5v.dpuf<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Gold Standard Did Not Cause The Great Depression, Part 2 \u00bb The Cobden Centre. As noted in my previous column, AEI\u2019s James Pethokoukis and\u00a0National Review\u2018s Ramesh Ponnuru \u2014 among many others \u2014 appear to have fallen victim to what I have called the \u201cEichengreen Fallacy.\u201d\u00a0 This refers to the demonstrably incorrect proposition that the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1184,1183,383],"class_list":["post-1702","post","type-post","status-publish","format-standard","hentry","category-economics","tag-eichengreen-fallacy","tag-gold-standard","tag-great-depression"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1702"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1702\/revisions"}],"predecessor-version":[{"id":1703,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1702\/revisions\/1703"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}