This was a return to a variant of the old gold standard argument.

In 1701, Russia introduced its own gold chervonets, which had the same mass (3.47 g) and alloy (.986) as the ducat.

So Greece and arguably the PIIGS more generally are left with the need to curtail demand massively, lower wages, and reduce the public sector workforce.

The British were forced to abandon gold convertibility in April 1919 a tactical withdrawal intended to pave the way for Britain s return to the former 4.8665 parity with the American dollar.

Six years later, in April 1925, Britain confirmed its monetary credibility and returned to the gold standard.

These fanatics also believe that a return to the gold standard is inevitable as hyperinflation ensues from central banks debasement of paper money.

By this point, Phelps had already acquired an international reputation through his work on the golden rule of capital accumulation (he was 28).

Previously, thanks to the gold standard and Britain s political stability, the City of London had been the world s key source of capital and financial guarantees for more than a century.

Chávismo, apart from its reliance on charismatic leadership, has never amounted to more than a social program hitched to an oil bonanza.

But people want to be religious, and religion should be made to be a force for harmony in the world, which it can and should be because of the Golden Rule.

While missile defense is most likely unnecessary, given the absence of any serious threat, the Obama administration and other American realists who are aware of the impossibility and uselessness of creating a multi layered anti ballistic missile (ABM) system need such talks. They must at least pretend that they intend to build it, in order to appease America s powerful nuclear isolationists, who long for the past golden age of US strategic invulnerability.

They must at least pretend that they intend to build it, in order to appease America s powerful nuclear isolationists, who long for the past golden age of US strategic invulnerability.

Robert Wright uses evolutionary biology and game theory to explain why we appreciate the Golden Rule , why we sometimes ignore it and why there s hope that, in the near future, we might all have the compassion to follow it.

The last time we saw this kind of precipitate fiscal austerity when countries were tied to the gold standard it contributed directly to the onset of the Great Depression in the 1930 s.

In the generation before World War I, the safe assets were thought to be the debt of governments tied to the gold standard, which supposedly offered protection against the inflationary populist viruses that afflicted countries like Mexico, France, or the United States.

If you study the history of the rescript, you'll understand that it cannot serve as the golden rule connecting education policy with morality. Instead, the should be interpreted with some flexibility, in response to modern conditions.

For a happier New Year, we should listen to the core messages of all these great religions, above all the Confucian golden rule that we should never do to others what we would not like to be done to us.