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As confidence in the U.S. dollar approaches an all-time low, theprice of gold continues to soar with no end in sight. For the firsttime in nearly a century, the question of whether to return to thegold standard is being hotly debated in both the press and academiccircles. It isn't hard to see why: in the wake of the global creditcrisis and successive rounds of quantitative easing, nervousinvestors have begun seeing the specter of Weimar-erahyperinflation looming around every ...
As confidence in the U.S. dollar approaches an all-time low, theprice of gold continues to soar with no end in sight. For the firsttime in nearly a century, the question of whether to return to thegold standard is being hotly debated in both the press and academiccircles. It isn't hard to see why: in the wake of the global creditcrisis and successive rounds of quantitative easing, nervousinvestors have begun seeing the specter of Weimar-erahyperinflation looming around every corner.
But can restoring the gold standard really bring sustainedstability to the global economy as its advocates contend, or willit, as its detractors insist, only serve to put the brakes oneconomic growth?
As author Paul Nathan sees it, the question of whether or notgovernments decide to make the move to a gold standard has beenmade irrelevant by the new international gold rush. The market hasspoken, and, like it or not, we are already on our way to a defacto gold standard.
The New Gold Standard is the definitive guide toestablishing a gold standard designed for the realities of the 21stcentury. Offered here, is a scrupulously researched, deeplythoughtful consideration of the core issues along withthought-provoking solutions, elements of which will appeal to eventhe most left-progressive of readers.
Under the gold standard, as first devised by no less a geniusthan Sir Isaac Newton and refined by Thomas Jefferson and theFounding Fathers, the U.S. dollar had the same buying power at theend of the 19th century as it did in the beginning. During the 20thcentury, after having moved entirely off the gold standard, thedollar was worth 97% less. But, according to Paul Nathan, thatdoesn't mean we can simply set the clocks back to 1913. Evermindful of the realities of a technologically integrated worldfinancial system, he explains the nature of sound money, the causesand cures of inflation and deflation, the roots of recessions anddepressions, and the meaning of fiscal responsibility within asound monetary system. He then describes steps governments can taketo gradually reintroduce a gold standard that will strengthen thedollar, reduce debt, and help stabilize the economy. Finally, heoffers investors sound strategies for investing in gold now and inthe future.
Informative, thought-provoking, and controversial, The NewGold Standard is must-reading for policymakers, financeprofessionals, and individual investors, as well as thoughtfulreaders searching for answers amidst the chaos of a global economyat the precipice.
Part I: Gold and the Domestic Economy.
Chapter 1 Why Gold?
Gold: The King of Metals.
Gold Becomes the Standard of the World.
Too Little Gold—Or Too Much Paper?
The "Gold Prevents Prosperity" Myth.
In Gold We Trust.
Chapter 2 The Gold Standard: A Standard for Freedom.
What Money Is . . ..
. . . And What Money Is Not.
The Nature of Inflation.
The Fiat Standard at Work.
The Illusion of Prosperity.
The Meaning of the Gold Standard.
Chapter 3 Why Prices Have Not Skyrocketed.
On Human Action.
Quantity versus Values.
The Quantity of Money and the Gold Standard.
Too Little Fiscal Responsibility Chasing Too ManyPoliticians.
Chapter 4 The Inflation/Deflation Conundrum.
The Cause of the Recent Spike in Commodities.
Chapter 5 Central Banking in the Twenty-First Century.
The Rise of Populism.
A World in Transition.
The Fed of the Twenty-First Century.
Part II: The International Gold Standard.
Chapter 6 The Making of an International MonetaryCrisis.
Monetary Theory: Past.
No Curb on Governments.
The Policy Makers.
The Process of Confusion.
Condemnation of Gold.
Evolution of the Theory.
Fractional Reserve Banking.
The Great Depression.
Devaluation in 1934.
The Theory Projected.
"If at First You Don’t Succeed . . .".
The SDR: As Good as Gold Again!.
Debt Amortization or Default: The False Alternative.
The Frightening Prospect of an International Debt.
Toward an International Fiat Reserve System.
The Real Meaning of Monetary Reform.
Chapter 7 The Death of Bretton Woods:.
A History Lesson.
Fixed Exchange Rates, Flexible Rules.
Export or Devalue: Institutionalizing the Devaluation Bias.
"Hot Money" Blues.
The Role of the Dollar under Bretton Woods.
Limited Gold—Unlimited Dollars: A Formula forDisaster.
Confidence versus Liquidity—A Two-Tier Tale.
Gold’s Limitations: A Blessing in Disguise.
U.S. Balance of Payments Problems.
The First Straw.
On Selling One’s Cake and Wanting It Too.
The Illusion of the Last Straw.
The High Price of Gifts.
On Domestic Dreams and International Nightmares.
Chapter 8 Who’s Protected by Protectionism?
A Few Principles.
Trade between Nations.
To Protect the Balance of Trade.
To Protect Domestic Markets.
To Protect Domestic Wages.
Protectionism: The Greatest Threat to Prosperity.
The U.S. Balance of Payments Problem in Perspective.
The Protection Racket.
Part III: Returning to a Gold Standard.
Chapter 9 Are the Fiat and the Gold StandardsConverging?
A Monetary System Needs to Know Its Limitations.
Reduced Leverage Equals Reduced Speculation.
The Process of Convergence.
A New Day.
Chapter 10 Gold: The New Money.
The International "Walk" on Gold.
Chapter 11 How Not to Advocate a Gold Standard.
The Intrinsic Worth Argument.
The Store of Value Argument.
Gold Price Predictions.
The Legal Tender Argument.
The Official Price of Gold Fetish.
The Devaluation Syndrome.
The Stop Printing Money Argument.
The Demonetization Threat.
On Context, Cause, and Effect.
Part IV: Investing in Gold.
Chapter 12 Lessons of a Life-Long Gold Investor.
The Rules of the Game.
When to Be Flexible . . ..
. . . And When to Stick to Your Guns.
Turning a Disadvantage into an Advantage.
When to Sell a Stock.
"Be Afraid. Be Very, Very, Afraid . . . ".
How to Own Gold 170.
Chapter 13 My Final Word on Gold.
On Bretton Woods II.
The New SDR Threat.
The Banking System of a Free Society.
About the Author.
Posted June 18, 2011
This book has everything you ever wanted to know about the gold standard -- but couldn't find on Google. There is precious little information about the gold standard, although everyone is talking about it. This book actually lays out what a gold standard is, how it applies to today's world, and what the requirements are to implement one.
The Author also has a section called "The Notes of a Life Long Gold Investor", which not only talks about how to invest in gold, but investment and trading strategies to boot. And this in the context of all the various scary scenarios there are out there.
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