The gold standard was the economic policy in the 30's undoing. The clumsy attempts , the gold backing the currency secure was probably one of the reasons for the extent of the contemporary world economic crisis. The (usually temporary) abandonment of the gold standard and devalue the currency, it was usually, which marked the end of the recession.
Something would have to be, would be the gold standard right now introduce yet again, even if some administrators of non-convertible currency, but through my mind is: the Chinese Zentrabankvorsitzende Xiaochuan wants the SDR (with his raw coverage) to the new reserve currency in the world emporhieven.
gold standard and / or international reserve currency would have supervised the central characteristic to be hardly abused for national purposes. In view of this, as has been dealt in recent years with the U.S. dollar, actually a succinct minimum requirement. Indeed would be the introduction of a gold standard for quality time, a Katastrofes now (because we could herausinflationieren us, as then, Munchausen, not from the current morass of his own hair ). But it had undertaken since about 1998, then the current crisis would hardly have caused.
The gold standard would be something of a self-limiting monetary policy rule: the money supply and credit growth would set strict limits in the boom. In the case of extraordinary events, including a systemic crisis, the coverage could be reduced. In the case of an SDR-world currency could be a coordinated devaluation of the currency.
Conclusion: the gold standard is not suitable for crisis but is excellent for prevention.
NB: Keynes wanted to make connection with the monster of the global financial crisis and wanted to establish a global reserve currency, the Bancor. Instead we have today Bretton Woods (light) is no longer, but a global financial crisis after another. I am not a Keynesian, but what the transition between two steady-states' concerns, the neoclassical (even in the modern form of Keynesianism) fails completely. In terms of economic policy is about is nothing but about ensuring that a new steady-state can be achieved. Wrong economic policies can prevent this, especially when it applies the wrong conceptual tools. General equilibrium can be achieved at best long-term (or approximated), but the world is changing daily. What it needs is to have explanations for the short to medium term interactions and displacements. In order to understand
today's economy The current models are good nothing, I am convinced that every day a little more. Therefore, perhaps Keynes is now experiencing a renaissance. Keynes provides concepts to understand the current situation. But he is not the only one: I (still) prefer the "evolutionary" economists, like the Austrian school, but with a bit less ideological coloration. Hayek and Schumpeter can greet. It's almost like in philosophy, where Plato, since no one knew anything worth mentioning attached (except perhaps the old Immanuel).
