![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
Not as Good as Gold
Apr. 21st, 2006 12:02 pmFor all the adulation and attention Alan Greenspan got as chairman of the Fed, his track record was actually worse than that of the faceless drones who held that position for the 18 1/2 years before Nixonomics. The difference: said faceless drones operated off of a variant of the gold standard, while Greenspan just made things up on the fly.
Richard Salsman's (three month old) editorial explains this with a dollop of vituperation, but his study (PDF file, expands editorial) is solid.
The point: there's a better way to run this railroad, and it doesn't require an ostensible genius to do it. And with an objective standard, we don't have to worry about the political trends du jour screwing it up.
Richard Salsman's (three month old) editorial explains this with a dollop of vituperation, but his study (PDF file, expands editorial) is solid.
The point: there's a better way to run this railroad, and it doesn't require an ostensible genius to do it. And with an objective standard, we don't have to worry about the political trends du jour screwing it up.
