Tuesday, June 12, 2012

Cross of Gold

Presidential candidate William Jennings Bryan admonished policy makers not to "crucify mankind on a cross of gold." In the face of the financial crisis of 1893 and unemployment, he advocated the coinage of silver from government stockpiles to increase the money supply and increase consumer demand.  Of course, the wealthy opposed him as they were not hurting
     Today the unemployed are being crucified on a cross of austerity that the wealthy says is good for them.  The fact that austerity has failed has not dulled support.  Austerity has already made a deep bite in local police, fire, and schools, and libraries.  Voters in several European countries have vented their rejection of austerity, but no alternative has emerged such as I suggest.  The EU has tried to help banks, but has done nothing to aid consumers so the bank bailouts are not working.