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Feb. 1, 2012

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I would need a book to dissect the incredible # of mistakes in this article. Here are just one:
"Soon there's less incentive to build widgets. Factories produce less, requiring fewer workers. With fewer workers earning money to buy goods demand falls and prices continue to decline. The economy grinds to a halt."

The implication here is that between 1870-1900 (the time period you stated) is that the U.S. economy "grinded to a halt" and the gold standard was to blame. You FAIL to mention that it was during the Civil War we temporarily broke off our ties with gold and by returning to gold, the worthless paper currency had to be shed - much like the depression after Andrew Jackson ended the 2nd national bank of the U.S. in the 1830's.

MORE IMPORTANTLY, you fail to mention that between the end of the Civil War to 1900, GDP DOUBLED (and that's not an inflationary doubling, but by you're very words a DEFLATIONARY doubling). Thereby GDP doubled even as the value of the dollar strengthened.

You're lack of historical fact and reliance on a few economists without and Austrian economist to argue the opposing viewpoint created a poorly articulated article and lessened your journalistic credibility.

(Suggest removal) 2/1/12 at 6:31 a.m.

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