The Absurd Contradiction of Bimetallism: Gold & Silver

Nevertheless, price depends upon the actual money commodity. Apart from all the little things that may cause disturbances, the tailor can set the price of the coat at 10 grams of gold, if there is that amount of socially necessary labour embodied in such a quantity of gold as in the coat. If the tailor…

The Legend of King Midas according to Paul Krugman

Ed: A wonderful piece regarding a Marxist view of gold as currency in relation to a parable by Paul Krugman. This is part of a larger post that must be read. I highly recommend subscribing to this blog Critique of Crisis Theory. Paul Krugman writes: “The legend of King Midas has been generally misunderstood…. What…