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Bill Kristol, Gold Bug?

Hu Jintao’s arrival on these shores has apparently convinced Bill Kristol that some kind of gold standard is the way forward for monetary policy: And it’s worth further asking–as more and more people are beginning to ask–whether a modernized international gold standard, which anchors currencies to a standard outside government manipulation, wouldn’t better serve the […]

Hu Jintao’s arrival on these shores has apparently convinced Bill Kristol that some kind of gold standard is the way forward for monetary policy:

And it’s worth further asking–as more and more people are beginning to ask–whether a modernized international gold standard, which anchors currencies to a standard outside government manipulation, wouldn’t better serve the interests of free and limited government both at home and abroad. After all, it’s the dollar’s status as a reserve currency that has allowed the U.S. government to amass huge debts, debts which the legislatively imposed debt ceiling has been unsuccessful in limiting. Fiat currency seems to be related to bloated and unlimited government, and to speculative bubbles, and to international instability. Do we just to have to live with this, or simply hope for better Fed chairmen?  …

And get ready for an interesting and important debate over the next months and years on international monetary policy–which, I predict, we’ll increasingly see as something that needs to be reformed in the direction of a modernized international gold standard, as part of the broader project of re-limiting government, re-establishing sound money and a sound international financial system, and restoring stable and strong economic growth.

Are Ron Paul and Bill Kristol now on the same side of an issue?  FrumForum points out that only last year Kristol’s assistants were predicting that “support for a return to the gold standard, among other things, will remain a marginal position.”

Meanwhile National Review says that the “great” Kristol has led us astray on this one.  Should we start taking bets on how long before NR senses the way the wind is blowing and makes a similar pivot?

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