About a month ago, Idaho House Minority Leader Mat Erpelding made a statement during a session for Idaho House Bill 206.  He said, “If we say that gold is going to protect us from inflation, I want to point out that in 1868 gold was $27 an ounce and today gold is $1,218 an ounce… so you can’t say gold is going to protect us from inflation when you have that type of a price range over the last hundred years.”

What was interesting about this was not so much the mistake, but that Erpelding was quick to admit that he made a mistake.  That’s rare not just for politicians but for people in general.  Slappy and Rollo invited him on the show for an interview to explain what happened and to talk about what he’s doing now to learn from it.

Links
Mat Erpelding’s statement on Idaho House Bill 206
Economic Policy Journal – A Response from the Idaho Representative on His Incoherent Argument on Gold as an Inflation Hedge

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