With President Donald Trump’s apparent plans to nominate Stephen Moore and Herman Cain to the Federal Reserve Board, attention has turned once again to the gold standard, a policy option once advocated by both men. Trump himself has expressed admiration for the gold standard. To be clear: I don’t at all favor a gold standard. Still, it is worth thinking about why anyone might ever have favored a gold standard, and what the case for one might look like. I am also somewhat of a natural contrarian, to put it mildly, and each time I see rude remarks about the gold standard I ask myself: Is it a completely crazy idea? ... (full story)