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Freud, Gold, the Fed, and the Dollar

Freud and the Fed - The New York Sun: " . . . Mr. Krugman would have his readers believe that the Sun and the Journal have objections to a woman chairman the Fed. That’s because he dasn’t open up the question of the value of the dollar in the terms the framers of our constitutional system intended. The fact is that the founders of America would be appalled at the monetary system that obtains in America today . . . So would the creators of the greenback and the founders of the Federal Reserve itself. One hundred years ago Congress established the Fed on the express condition that, as it was put by the Fed’s leading congressional supporter, Carter Glass, nothing in the bill should be construed as a repeal of the law “providing a gold parity for all forms of money.” We have our doubts about what Keynes himself would have made of a dollar valued at but a 1,300th of an ounce of gold. . . ." read more at link above

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