GLBY - Greg Ip Asks An Interesting Question

David Beckworth linked to this tweet by Greg Ip:

1/ Random thought: maybe we could defeat lowflation by returning to the gold standard - at $3,000 per ounce.

There are some follow-up tweets. In the late 1990s, I wrote a long paper discussing FDR's gold buying program, which was an attempt to create inflation by targeting gold at ever-higher prices. (It's a chapter in my Midas Paradox book.) It turns out that this is a very interesting and very confusing issue. But hey, it's monetary policy, what else do you expect?

The simple answer to

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