“Today, going back on to the gold standard would be perceived as an act of desperation. But if the gold standard were in place today, we would not have reached the situation in which we now find ourselves,” he said.“[T]here is a widespread view that the 19th Century gold standard didn’t work. I think that’s like wearing the wrong size shoes and saying the shoes are uncomfortable! It wasn’t the gold standard that failed; it was politics.”
He also correctly notes that the tax burden and attendant welfare state have basically crowded out almost all saving and capital formation. This leaves bunga/hopium as the only "way out", which is bogus given the existing gov debt load & outstanding currency.
That said he's fooling himself thinking he followed a gold-like policy. Such hubris.
