[PLOlover]

[ QUOTE ]
it isn't a mischaracterization. it is some of the best research i've seen on an economic theory in a while ( interms of academic papers).

those countries who stayed on gold for longer exacerbated the negative impact of the great depression.

i challange you to disprove that statement and have your theory hold up to the facts.

Barron

[/ QUOTE ]

well the thing is the US wasn't really on the gold standard. twenty years earlier the US got a central bank, and they increased/decreased the money supply independently of gold. basically there was a fiat money supply and a gold money supply and obviously the gold got squeezed out pretty quickyly (20 years).

obviously if I have a choice of paying you in gold or in fiat and I choose to pay you in gold, then I am an idiot.