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AMERICAN PITCHFORK'S DUPAYOSHES OF THE WEEK

American Pitchfork Manifesto: Tipping Point on the Road to Amarabia?

A Fictional Retrospective From the Great Beyond

By Pitchfork © 2009-2011

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Freely quote with attribution

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Dupayosh of the Week of January 3, 2011  Alan Stephens

~ Are some folks ok with governance bubbles, credit bubbles, recurrent boom-bust cycles, currency devaluation, societal default, with Adam Smith's 'invisible hand' swapped out for government's '[lifeless] hand', that hyperinflation's a fine way to clear markets, that 70,000 pages of tax code is still too short? ~

"Alan Stephens, an economics professor at Utah State University, said rumblings of going to a gold standard always seem to pick up steam when the dollar looks weak, but making the shift would be a mistake.

“The gold standard limits the growth of the economy, because you’re limited to the supply of gold that is available, which really is not all that much,” he said. [And then, in an amazing turnaround facing the right way in 'Fork's opinion. . .] Besides, he said, there is no prohibition on transacting in gold if the parties agree to it.

 “Gold is a freely traded commodity and I guess you could go back to the Gold Rush days and bring in little bags of gold that could be your payment,” he said. “There’s no particular reason that you couldn’t trade that way right now.”
 

"Legislation proposes Utah adopt a gold-based system" by Robert Gehrke, The Salt Lake Tribune, first published December 28, 2010, updated December 29, 2010