[e-gold-list] Interesting Historical Perspective of the Gold Standard

[Frank Mottley]

A very interesting address, which some of you may have already read, as it 
was made last year. Ferdinand Lips, addressing the Austrian congress, 
presented a speech entitled "Why Gold-Backed Currencies Help Prevent Wars." 
The entire thing is a bit long to be posted here, but is linked below.

Very interesting though, is this passage:

"Unfortunately, it is not widely known that the 19th century was a period of 
prosperity and economic growth with­out inflation. It strikes us like a 
fairytale when we discover that in those days the
most important currencies in the world were stable over a long period. The 
French franc, for example, remained solid for one hundred years. It was the 
era of the gold standard.

The Life Span of Currencies

French Franc 1814 - 1914 100 years
Dutch Guilder 1816 - 1914 98 years
Pound Sterling 1821 - 1914 93 years
Swiss Franc 1850 - 1936 86 years
Belgian Franc 1832 - 1914 82 years
Swedish Krona 1873 - 1931 58 years
German Mark 1875 - 1914 39 years
Italian Lira 1883 - 1914 31 years
(Source: Pick's Currency Yearbook 1977 - 1979)"

I was not previously aware of the enormous longevity of the stability of 
European gold-backed currencies, and found the point somewhat interesting.

The full adress is archived here:

http://archives.econ.utah.edu/archives/a-list/2002w42/msg00048.htm

Frank



"Prejudice, which sees what it pleases, cannot see what is plain."

-- Aubrey T. DeVera

I'd tell you my password, but then I'd have to  you.  With a spork.

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