Mr. Kalkstein's insight amounts to a discovery that there is gambling at Rick's. As even a cursory familiarity with Clover's (or David Harvey's) writings reveals, he is hardly unaware of the demise of the gold standard. Indeed, he clearly intends it as part of the account of what happened in the 1970s—it is obviously linked to the collapse of the price signal. What Mr. Kalkstein will not uncover, with or without Hayek's help, is what led policy makers to resort to the Nixon shock in the first place. To learn that, he might reread Clover's piece.
Sep 20 2010 - 2:26pm