Ron Paul and the Wizard of Oz
The most viewed post on my blog in 2011 was "The Wizard of Oz". I wonder what this says about the blog's followers? Are they monetary cranks who would like to see a bimetallic monetary standard introduced or are they simply amused by the allegorical nature of one of their favourite movies?
Talking about monetary cranks, Ron Paul, who is campaigning for the Republican Presidential nomination, favours abolishing the Fed and bringing back the Gold Standard (i.e., the system where gold backs the currency and money issued by banks) - see the short video clip below for an interview with Ron Paul on this issue. You can read Simon Johnson's critique of Paul's proposals here.
Over the next few weeks, I will be blogging about Paul's "free banking" proposal and the economics which underlies its.