Posted by WARREN MOSLER on July 28th, 2010
For all you gold bugs.
Tell me Irv didn’t get it!
“The U. S. is headed toward a period of business depression, probably beginning within the next two years, which may exceed that which preceded the War. . . . The only thing that will save us is a new gold policy or the discovery of a new process or additional gold fields. If the fall [of gold production] is not prevented by design or accident we shall throttle business, wringing out all profits and experiencing all the evils of deflation.”
– Irving Fisher, Time Magazine, Jan. 20, 1930