Russia backs return to Gold Standard to solve financial crisis

Historical notes: The “Gold Bugs” were McKinley supporters, who, along with the President were strong advocates for the gold standard.

Russia has become the first major country to call for a partial restoration of the Gold Standard to uphold discipline in the world financial system.

Arkady Dvorkevich, the Kremlin’s chief economic adviser, said Russia would favour the inclusion of gold bullion in the basket-weighting of a new world currency based on Special Drawing Rights issued by the International Monetary Fund.

Admittedly, Russia has it’s own interests in mind, as a major gold producer, but still, it’s richly (pun alert!) ironic that the former and still quasi-Red state is in a position to instruct the U.S. on how to manage a stable currency in a world market system.

One has to wonder whether Marx, Lenin, McKinley, or Hamilton are spinning in their grave faster.