Gold and the Great Depression

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    It seems like a lot of Austrians don’t want to say anything bad about gold, even though it was a mismanaged gold standard in the interwar period. Surely deflationary policies related to the gold standard was a major factor, if not the major factor, in the Depression. What is your view?


    I have not encountered this. Joe Salerno, in his book Money: Sound and Unsound, is critical of the attenuated gold standard of the 1920s.

    Can you be more specific about which “deflationary policies” you are thinking of?

    You may find this page helpful:


    I am surprised you are not familiar with these arguments, unless my wording was confusing. I know you’ll disagree with some of it, but here is Scott Sumner giving what he calls a libertarian, non-Austrian take on it.

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