In my latest book, The Real Crash: America's Coming Bankruptcy - How to Save Yourself and Your Country, I devote a full chapter to the merits of the historical gold standard and reasons to reinstate it.
Last week in an interview on CBS Network News, Economist Mark Zandi, the chief economist for Moody's, unwittingly revealed a central error of the global economic establishment. Zandi has made a career out of finding the middle ground between republican and democrat economic talking points.
Last week, the leaders of Brazil, Russia, India, China, and South Africa met in New Delhi for their fourth annual "BRICS" summit. The meeting brought together five countries that together represent 43 percent of the world's population and 18 percent of the world's GDP. (More importantly, the group is currently attracting 53 percent of global financial capital.)
The communist revolutions in the 20th century sought to nationalize the wealth generated by privately held industries back to the "exploited" workers on whose backs the profits were supposedly derived.America has made the rejection of this idea and its support of free market principles the centerpiece of its economic narrative.