Gold and Honey

Professor Fekete im Daily Bell:

Gold and Honey

"Open letter to Thomas Hoenig, President, Federal Reserve Bank of Kansas City

Dear President Hoenig,

On January 5, 2011, you were quoted on ABC NEWS as saying that "the gold standard is a very legitimate monetary system". The quotation went on: "We are not going to have fewer crises necessarily. You will have a longer period of price stability or price level stability, but I don't know that you will have lower unemployment, and I don't know that you will have fewer bank failures."..."