Abstract

The Cross of Gold

The United States, with most of the world's gold, must find some way to revive the gold standard, or see this metal lose much of its value. It is only major ally in this is the Soviet Union, a large gold producing country. But the Soviet Union, as a Socialist country, is interested in gold only as an export commodity, whose value it wishes to maintain. As a Socialist country, it is largely insulated from the difficulties created by an international gold standard and the necessities imposed by such a standard on domestic policy. Revival of the conventional gold standard would again subject other nations, and to these cyclical disturbances in all their intensity, and make it impossible for them to use monetary management and spending to cushion the effect on the domestic economy.