By Simon Johnson, April 1, 2013
In both 13 Bankers (2010) and White House Burning (published 2012, paperback just came out) James Kwak and I weighed the merits of going back on a global gold standard. In those books, we ended up siding with the prevailing fiat currency system – in which money is backed by nothing more than your confidence in central banks.
In the light of recent events – in the US and in Europe – I feel we should reconsider the arguments. On balance, I am now in favor of going back on gold for ten main reasons. Continue reading