Steve Forbes explains how The New York Times just doesn’t understand the gold debate and misfires in attacking Ted Cruz:
The New York Times recently ran an article trashing the idea of a return to a gold standard. A growing number of Republicans, including presidential hopeful Senator Ted Cruz, advocate fixing the value of the dollar to gold.
If the purpose of the Times story was to discredit such a possibility before it gained any more momentum, it failed. The piece is actually useful in that it encapsulates some of the egregious myths, misunderstandings and just plain ignorance of what a gold standard is all about.
The purpose of a gold standard is to ensure that a currency has a fixed value, just as measures of time, weight and distance are fixed. We don’t “float” the number of minutes in an hour or inches in a foot. Yet, strangely, economists believe that constantly changing the value of a currency is good for growth.
Read it, and weep — or better yet, cheer for Cruz, Rand Paul, and others taking up the battle against our unaccountable and misguided Federal Reserve.
Nick Arnold is a researcher for the American Principles Project.