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article imageBill Clinton blames current crisis on getting off gold standard

By Andrew Moran     Apr 29, 2010 in Business
Former President Bill Clinton repeated the same sentiments as many Ron Paul supporters and Austrian theorists who want to see a return to the gold standard and that is the current financial crisis was due to getting off of the gold standard.
Bill Clinton the Austrian Theorist? He sure did sound like one during an interview with Bob Schaeffer at the Peterson Institute where he said the current financial collapse is due to the United States leaving the gold standard, according to Economic Policy Journal.
The former U.S. President said financial problems for the country began when they went off the gold standard but later justified the decision to get off the gold standard for “economic management” reasons.
Even though the reasons for leaving the gold standard was due to the government printing too much money and not having enough gold to back it, Clinton did imply that the gold standard was an indirect checks and balances on out of control government printing of U.S. dollars.
On the topic of the Goldman Sachs fraud and the SEC, reports Real Clear Politics, Clinton said, “I read a lot of material on this. I'm not at all sure they violated the law...but I do believe that there was no underlying merit to the transaction.”
Gold is trading at $1,169USD and silver is priced at $18.51USD.
More about Bill Clinton, Financial crisis, Gold standard
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