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Time we went back on the gold standard

Recent press coverage has suggested that our economy is on a “road to recovery”.

Perhaps, and there are several indications that we are.

However, until the euro, the dollar, the yen and other major monetary systems are backed up by gold and/or other precious metals we are only shovelling sand against the ocean waves.

I recently asked Mr Declan Ganley if he thought it was necessary to return to the gold standard? His response was: “I do not know.” I then asked Mr Pat Kenny the same question. His response was: “That is a question for another time.”

I then asked Dr Constantin Gurdgiev, economist at Trinity College Dublin, the same questions. His response was: “Well we need both — some fiat money and some under the gold standard.”

Incidentally, recently I had the opportunity to address some 30 students studying economics and not one understood the import of the question as to whether we should return to the gold standard or not?

Vincent J Lavery
Co Dublin


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