The reason there is very little support for the gold standard is the consequences of those types of market adjustments are not considered to be appropriate in the 20th and 21st century. I am one of the rare people who have still some nostalgic view about the old gold standard, as you know, but I must tell you, I am in a very small minority among my colleagues on that issue.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "The reason there is very little support for the gold standard is the consequences of those types of market adjustments are not considered to be appropriate in the 20th and 21st century. I am one of the rare people who have still some nostalgic view about the old gold standard, as you know, but I must tell you, I am in a very small minority among my colleagues on that issue." in the context of "Speaking to a Hearing before the U.S. House of Representatives' Committee on Financial Services in 7/22/1998 http://fraser.stlouisfed.org/publication-issue/?id=13650" to mean that wisdom is timeless.