Posted by Jay Livingston
Ben Bernanke defended the Fed yesterday. He explained the origins and functions of his little organization, and he explained the wisdom of FDR’s decision to abandon the gold standard.
Ostensibly, he was lecturing to a handful of George Washington University students. In fact, his intended audience was the whole country and perhaps a former TV host and a politician or two with retrograde views on central banks and gold (“I’m looking at you, Ron Paul.” No, he didn’t say that, but he might well have done so.)
His PowerPoint included a few slides on the gold standard, all with the same graphic.
And in case you didn’t catch the subtlety of those ingots, this part of the lesson was followed immediately by a detour through William Jennings Bryan and his “cross of gold speech.”
If you missed class, you can get the notes and slides here.
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