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Gold standard increased unemployment

Having switched from Conservative to Liberal in 1904, Churchill returned to the Conservative party 20 years later. After two defeats at the polls he returned to the House of Commons as a Conservative, and became chancellor of the exchequer (a position Churchill’s father had held 40 years earlier) in Stanley Baldwin`s Conservative government from 1924 to 1929. As an advocate of laissez-faire economics, he was strongly criticized by John Maynard Keynes. Churchill was not a financial innovator; he basically followed conventional advice from his colleagues. Nevertheless, his decision to return the country to the prewar gold standard increased unemployment and was a cause of the general strike of 1926. He advocated aggressive action to end the strike, thus earning the lasting distrust of the labor movement. http://www.u-s-history.com/pages/h1726.html




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True story

this is what happened after WW1

yeah,

but they had massive unemployment not just because of the gold standard but because they printed their fiat to oblivion, and once they were on the verge of massive inflation they switched to the gold standard at the same rate as before the war, a huge contraction in the currency.

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James

It is hard to say

Wizard of Oz?