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Gold Standard Now Gives Schuler Mad Props

by Bradley Jansen February 7th, 2014 1:26 pm

Our friend and colleague Ralph Benko gave freebanking.org blogger Kurt Schuler mad props (do the kids still say that?) over on the Gold Standard Now site "Lenin on Keynes: "more striking ... than any ... Communist revolutionary."  He raises the question, was this quotation attributed to Lenin authentic or apocryphal, “the best way to destroy the capitalist system [is] to debauch the currency.”  He continues to label Kurt and his coauthor Michael V. White "two eminent monetary scholars" and goes to them for the answer.

4 Responses to “Gold Standard Now Gives Schuler Mad Props”

  1. avatar George Selgin says:

    Frank W. Fetter wrote about this some years ago. If I recall correctly, he could not locate the quote in any of Lenin's writings.

    I have another one for Kurt and Mike, if they're game. I recall seeing a quote from Keynes himself, said in response to the Fed's decision to double reserve requirements in 1936-7 so as to avoid an outbreak of inflation. "They profess to fear," Keynes quipped, "that for which they dared not hope."

    For the life of me I can no longer find that quotation's source.

  2. avatar Mike Sproul says:

    George:

    I can't find the "dared not hope" quotation, but the link below gives a good source for the Lenin quote.

    http://www.aeaweb.org/articles.php?doi=10.1257/jep.23.2.213

    • avatar George Selgin says:

      Yes, of course I know that Kurt and Mike found the source; my point was that the fact that Kurt and Mike found it even though Fetter (a very good historian of monetary thought) couldn't is very impressive indeed.

  3. avatar Mike Sproul says:

    (Mad props to Kurt, by the way.)

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