Want to Balance the Budget? Go Back to the Gold Standard: Kwasi Kwarteng

In War and Gold, British Member of Parliament Kwasi Kwarteng traces the history of debt from 16th century Spain all the way to our post-2008 economy and concludes that tying currency to gold is the best policy. That the gold standard is essential to a strong and prosperous economy.

He does, however, recognize that rapid deflation would occur if we went back to gold. “I’m not going to say that we’re going to bring the gold standard back immediately or that we should. What I am saying is that if you look at history you find that the gold standard is a much more stable arrangement than what subsequently happened,” he says.

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