Perhaps We Can Get On With Our Fiat Currency Now

Bloomberg has the article Pete Peterson, Lehman Exile, Blackstone Billionaire, Dies at 91.

He attended the August 1971 meeting at Camp David that resulted in Nixon ending the gold standard as part of his so-called New Economic Policy.

No hint in the article of the damage Perterson did to the world with his faulty ideas about deficits and debts of countries that were sovereign in their own fiat currencies. I guess, he could just not grasp how everything changed in 1971 when Nixon ended the gold standard for the USA. To this day, most politicians pretend that they don’t understand the potential impact of what happened in 1971. They are afraid of what the public would demand if they let on what they knew of the change in 1971.

Bernie Sanders is one of the few politicians who tacitly admits that he understands the true impact of the policy freedom that we now have since we are not on the gold standard. The proff is in Bernie’s hiring of Stephanie Kelton to be the economist for the minority on the Senate Budget Committee. See my previous 2015 post Watch Out, MMT’s About, As Bernie Sanders Hires Stephanie Kelton. Be sure to pay attention to my comment on that post.

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