Fed’s Hoenig labels gold standard “very legitimate” monetary system: reports

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Thomas Hoenig, the president of the Kansas City Federal Reserve, on Wednesday termed the gold standard a "very legitimate" monetary regime, reports said.

"The gold standard is a very legitimate monetary system," Hoenig was quoted by Reuters, a newswire, as saying. "We're not going to have fewer crises necessarily. You will have a longer period of price stability or price level stability, but I don't know that you'll have lower unemployment, I don't know that you'll have fewer bank failures." A

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