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在西方国家量化宽松的货币政策背景下,一种呼唤金本位回归的声音日趋强烈。这在理念上与200年前大卫.李嘉图的货币理论和“金价论战”有着某种联系。尽管李嘉图混淆了纸币和贵金属货币以及银行券的不同属性和流通规律,然而他的货币理论,尤其是关于纸币发行必须受到约束的观点,至今仍有重大意义。后来西方国家在相当长历史时期内实行的金本位制度,很大程度上就体现了李嘉图的货币思想。今天不可能再回到金本位制度,但黄金的投资保值避险功能将更加明显。
In the context of quantitative easing in Western countries, a voice calling for the return of the gold standard has become increasingly strong. This is conceptually related to David Ricardo’s monetary theory 200 years ago and the Gold Price Argument. Although Ricardo confused the different attributes and currency of banknotes and precious metals and bank notes, his monetary theory, and especially the notion that banknote issues must be restrained, is still significant today. Later, the gold standard system implemented by western countries in quite a long historical period largely reflected Ricardo’s monetary thinking. Today can not return to the gold standard system, but the gold investment hedging function will be more obvious.