It is tough to be a goldbug
, even in the cloistered banking counting rooms of Credit Suisse and UBS.
are not always gold; in fact, they can change color at will by adjusting the moisture between the layers of their wings!
are coming out of the woodworks predicting a worldwide transition to the gold standard and the end of fiat paper money.
"Silver Democrats" square off against Republican "goldbugs
(101.) On the antimonopoly ideas of populism, see generally GRETCHEN RITTER, GOLDBUGS
AND GREENBACKS (1999); LAWRENCE GOODWYN, THE POPULIST MOMENT (1978).
warn that massive federal borrowing will force the government to offer higher rates.
As Michaels notes, it is precisely this need to see money as concrete essence that informed the rhetoric of the goldbugs
and silver advocates in the American goldstandard controversies of the late nineteenth century, both of whom wanted to posit a "natural" money--a money that is what it represents--that is essentially a denial of money (147-8).
Focusing not on the political differences between the "goldbugs
" and silver advocates but on their shared fear of an "insubstantial" paper money, Michaels identifies a cultural logic based on the repression of money as free-floating signifier, which expresses itself in various (and always unsuccessful) strategies of escape from the money economy.
According to Rockoff, the monetary politics of the 1896 campaign, which divided the electorate into "silverites" and "goldbugs
," supplied the central backdrop for Baum's allegorical adaptation.
For a discussion of the monetary question see Gretchen Ritter, Goldbugs
and Greenbacks: The Antimonopoly Tradition and the Politics of Finance in America (Cambridge: Cambridge Univ.
maintained,' thanks to a `political influence vastly out of proportion to their numbers' and a burning `hope of getting at the rich bondholders and goldbugs
On the republican strains in anti-monopolism, see Gretchen Ritter, Goldbugs
and Greenbacks: The Antimonopoly Tradition and the Politics of Finance in America, 1865-1896 (Cambridge, 1997), 3-7.