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American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
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<p>[QUOTE="GoldFinger1969, post: 22250100, member: 73489"]<b>I don't know how you can be the world's reserve currency AND be on the gold standard AND not drain gold. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie12" alt="o_O" unselectable="on" unselectable="on" /></b></p><p><br /></p><p>Being the world's reserve currency implies running trade deficits and current account surpluses....which means monetary growth is higher than normal (interest rates LOWER than normal)....which means if you were on the gold standard (like we were post-Bretton Woods) you'd lose gold.</p><p><br /></p><p>Maybe if the price of gold were set artificially high it would be tolerable for a while. But that would entail other problems surfacing.[/QUOTE]</p><p><br /></p>
[QUOTE="GoldFinger1969, post: 22250100, member: 73489"][B]I don't know how you can be the world's reserve currency AND be on the gold standard AND not drain gold. o_O[/B] Being the world's reserve currency implies running trade deficits and current account surpluses....which means monetary growth is higher than normal (interest rates LOWER than normal)....which means if you were on the gold standard (like we were post-Bretton Woods) you'd lose gold. Maybe if the price of gold were set artificially high it would be tolerable for a while. But that would entail other problems surfacing.[/QUOTE]
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