Gene Epstein on Gold, the Fed, and Money

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4.7 • 4.4K Ratings

🗓️ 2 June 2008

⏱️ 67 minutes

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Summary

Gene Epstein, Barron's economics editor, talks to EconTalk host Russ Roberts about the virtues of the gold standard relative to fiat money. Epstein argues that privately issued money, backed by gold, would lead to an economy with much greater price stability and fewer and milder recessions.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:12.5	I'm your host Russ Roberts of George Mason University and Stanford University's Hoover
0:17.3	Institution.
0:18.7	Our website is econtalk.org where you can subscribe, find other episodes, comment on this podcast,
0:25.8	and find links to other information related to today's conversation.
0:29.9	Our email address is mailadicontalk.org.
0:33.6	We'd love to hear from you.
0:37.1	My guest today is Gene Epstein, economics editor at Barons and the author of Econospinning,
0:42.8	how to read between the lines when the media manipulates the numbers.
0:45.9	Gene, welcome to Econ Talk.
0:47.8	Well, I'm honored to be here as a regular listener of the show and the fan of the podcast.
0:55.4	Excellent.
0:56.4	I'm honored to be a guest.
0:57.4	Right.
0:58.4	The topic today is the gold standard and you've been writing recently about the virtues
1:04.0	of the gold standard, the underappreciated virtues, and the benefits that we would enjoy
1:10.1	if we move to a gold standard for our monetary policy.
1:15.2	Tell us what's wrong with the fed's handling of the money supply and how a gold standard
1:19.6	would make it better.
1:21.0	Well, first let me say that I'm fully aware of the fact that even to talk about gold makes
1:27.5	you sound like a heretic, John Maynard Keynes drove the gold advocates pretty much out
1:34.4	of the temple of economics by condemning the gold standard as the barbarous relic.
	...

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