Quote of the Day: Gold Standard from the Fringes to the Mainstream

The gold standard once thought as a ‘barbaric relic’, is like the proverbial phoenix rising from the ashes.

When the gold standard has been mentioned as “no longer unthinkable” by the lefty New York Times, we understand that the public's outlook of gold as money has moved from the fringes into the mainstream.

Today’s quote from Martin Hutchinson and John Foley (hat tip Jeffrey Tucker Mises Blog- yes vindication for Henry Hazlitt)

But further chipping at the dollar’s credibility, further downgrades of United States credit or other harmful results from years of very low interest rates could bring more people around to the idea of a new reserve currency. A return to the gold standard remains unlikely, but it’s no longer unthinkable.

Prices signals have been working their way to affect the public’s psychology where…

…Denial, apparently, has been transitioning into acceptance.

It seems like the psychological Kubler Ross Grief cycle process at work here. The higher gold prices are, the more the public will embrace the thought of the return of the gold standard.