Bubble: Goldbugs Deserve Derision

Bubblehead /The Stupid Shall Be Punished (RE: Riley: Hart is gold standard for lunacy ): Goldbugs are worthy of nothing but derision and ridicule, with maybe a little pity mixed in. Assuming they don’t want to unilaterally return the U.S. to the gold standard for the purpose of destroying our economy, one can’t help but wonder how their understanding of economics is so infantile. While the gold standard kind of worked for a couple of hundred years (the multiple Panics of the 19th century notwithstanding), a dim-witted undergraduate with a dull pencil could easily show how it wouldn’t work in a world without lots of free land for an expanding population, large new gold finds, and no other currency backed by gold would result in the vast majority of our money being held overseas and no money for us to spend in the U.S. Can you not see this? (AP file photo)

Question: What do you make of individuals like state Rep. Phil Hart who want to return the U.S. to the gold standard?