KANSAS CITY, Missouri (Reuters) - A gold standard that forces countries to back their currency reserves with bullion is a "legitimate" monetary system, though it would not prevent financial crises, Kansas City Federal Reserve President Thomas Hoenig said on Wednesday.Source
"The gold standard is a very legitimate monetary system," Hoenig said, adding: "We're not going to have fewer crises necessarily. You will have a longer of period of price stability or price level stability, but I don't know that you'll have lower unemployment, I don't know that you'll have fewer bank failures."
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This strikes me as the most anodyne remark one could possibly make on the subject. Even the gold-standard's strongest critics would not hesitate to admit that it is a "legitimate monetary system."
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