“The irony of this (Bernanke blogging for Hamilton to stay on the ten-dollar bill) is that while chairing the Federal Reserve, Mr. Bernanke traduced every principle Hamilton held dear, particularly the idea of sound money defined by Congress…

…Congress resolved the contest between gold and silver at the start of the 20th century. It did so in favor of gold, which is how the dollar was defined until the default of 1971, when America closed the gold window (at which it had vowed to redeem dollars presented by foreign governments), and opened the age of fiat money. Hamilton would have been shocked down to the ground. The last connection to the principles of Hamilton’s coinage act were abandoned, and no Fed chairman has mocked the idea of a gold standard of the kind Hamilton hewed to more than Mr. Bernanke.”, From a New York Sun editorial, “The Bernanke Ten Spot,” June 23, 2015 (As repeated in The Wall Street Journal)

Opinion

Notable & Quotable: Bernanke on Hamilton

Replace Andrew Jackson, a man of many unattractive qualities and a poor president, on the twenty dollar bill instead.

Photo: Getty Images

From a New York Sun editorial, “The Bernanke Ten Spot,” June 23:

Now he tells us. The former chairman of the Federal Reserve, Ben Bernanke, is claiming in a blog post that he’s a huge fan of Alexander Hamilton. Mr. Bernanke qualifies America’s first treasury secretary as “among the greatest of our founders for his contributions to achieving American independence and creating the Constitution alone. In addition to those accomplishments, however, Hamilton was without doubt the best and most foresighted economic policymaker in U.S. history.” So Mr. Bernanke is opposing the demotion of Hamilton from his featured spot on the ten-dollar bill.

The irony of this is that while chairing the Federal Reserve, Mr. Bernanke traduced every principle Hamilton held dear, particularly the idea of sound money defined by Congress. . . .

Congress resolved the contest between gold and silver at the start of the 20th century. It did so in favor of gold, which is how the dollar was defined until the default of 1971, when America closed the gold window (at which it had vowed to redeem dollars presented by foreign governments), and opened the age of fiat money. Hamilton would have been shocked down to the ground. The last connection to the principles of Hamilton’s coinage act were abandoned, and no Fed chairman has mocked the idea of a gold standard of the kind Hamilton hewed to more than Mr. Bernanke.

Posted on June 24, 2015, in Postings. Bookmark the permalink. Leave a comment.

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