It might be a relatively slow day for the markets, but the Twitterati are abuzz.
Economist and NYU professor Nouriel Roubini (left) doesn’t think much of a rumored Republican party platform that would put us back on the gold standard, which was discontinued under President Richard Nixon.
“Republicans eye return to gold standard & to another Great Depression as the gold standard contributed to the first one,” Roubini tweeted early Friday morning. Reaction was swift from both sides of the debate.
“Yes, that and austerity, German repattiations [sic], no debt forgiveness and financial bubble. Substitute Gold for Euro,” TheLeftBanker tweeted in support.
“Idiot Roubini is blaming Gold Standard for the depression of 1930,” AuditTheFedBenB bluntly dissented.
The gold standard is a monetary system that attaches the value of the dollar to the weight of gold. Nixon decoupled the dollar from gold on Aug. 15, 1971.