The Value of Gold Since 1971

In Full Archive by Nathan Lewis

If we are going to use gold as a standard of value in the future, then naturally we want it to be stable in value. That is the whole point of using gold as a standard of value — not because it is yellow, …

Is A “Strong Dollar” Good Or Bad?

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on March 17, 2017.) http://www.forbes.com/sites/nathanlewis/2017/03/17/is-a-strong-dollar-good-or-bad/   Recently, Harvard economist Greg Mankiw asked himself the question: “Is a ‘strong dollar’ good or bad?” Summarizing “what the president could learn from professional economists,” Mankiw, the chairman of the Council of …

Limited Convertibility: Something New For A 21st Century Gold Standard

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on March 8, 2017.) http://www.forbes.com/sites/nathanlewis/2017/03/08/limited-convertibility-something-new-for-a-21st-century-gold-standard/ The idea of a “gold standard” monetary system is pretty simple — the currency’s value is fixed to gold. This is really no different than the dozens of “euro standards” and “dollar standards” …

The 1910 Senate Monetary Commission

In Full Archive by Nathan Lewis

People talk a lot about the “Classical Gold Standard,” but hardly anyone knows anything about it. I’ve gone through books from Bagehot to Hawtrey to Bordo and Eichengreen, and haven’t yet found even a rudimentary description of any accuracy. The best since 1950 is …

“Prices” and Value

In Full Archive by Nathan Lewis

A lot of confusion stems from the differences between “prices” (or “purchasing power”) and value. I am not going to go into this in great detail now, because it can get to be a big topic. There’s a discussion in Gold: the Once and …

The Silver:Gold Ratio, 1500-2011

In Full Archive by Nathan Lewis

Today we have an expanded look at the silver:gold ratio, from 1500 to 2011. This covers the Spanish silver boom in the New World during the sixteenth and seventeenth centuries. Sources are: measuringworth.com U.S. Mint. 1927. Annual Report of the Director of the Mint. …

Lewis Lehrman’s Very French Gold Standard System

In Full Archive by Nathan Lewis

Recently, I’ve been doing a fair amount of historical research, and the similarities struck me between the gold standard proposal expressed by Lewis Lehrman in The True Gold Standard (2012) and the common practices and values of the Bank of France in the pre-1914 …

Free Trade And Floating Currencies Don’t Play Well Together

In Full Archive by Nathan Lewis

(This item originally appeared at Forbes.com on February 2, 2017.) https://www.forbes.com/sites/nathanlewis/2017/02/02/free-trade-and-floating-currencies-dont-play-well-together/#574384cb68fb   As we continue to look into a number of issues surrounding the idea of free trade, we come to the problem of free trade within an environment of floating currencies. First, we …

Book Notes: The Triumph of Gold (1952), by Charles Rist, #2

In Full Archive by Nathan Lewis

We were chatting about The Triumph of Gold (1952), by Charles Rist. January 8, 2017: The Triumph of Gold (1952), by Charles Rist Since I didn’t really get past the introduction, by Philip Cortney, I thought we should at least give Rist a chance …

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