The Economic Establishment and Gold

There's a room where the light won't find you
Holding hands while the walls come tumbling down
When they do
I'll be right behind you
--Tears for Fears

The University of Chicago recently surveyed economists at big name institutions about their views on a gold standard. Specifically, they asked whether a gold standard would promote better price stability and employment outcomes for average Americans.

Out of 40 respondents, 100% said no.

Not sure why I should have expected anything different from the economic establishment, but I must confess that these findings raised an eyebrow. Perhaps this was due in part to the novel reporting format, which permits inspection of each respondent's vote and any comments that they included.

First reaction to these findings: time to ratchet up the probability of a total monetary collapse a few more percentage points (assuming there's still room below 100%, of course).

Second reaction to these findings: I don't have nearly enough gold.

position in gold