Gold Standard

If we understand that freedom is inseparable from sound money, we can embrace that too.

It turns out that making money is a business like any other, not something that only governments do. In a free world, it would be something done entirely by private enterprise.

With sound money and no central bank, the debate over our country's future would take on new meaning.

It is reality vs. fiat, independence vs. dependence, value that lasts vs. value that is the whim of the transitory political class.

If the Fraternal Order of Eagles is looking to "uphold and nourish" good values, they should champion the cause of sound money.

The only way out of this scenario is to reestablish the gold standard.

"No one is in a position to restrain the president, the Congress, or the courts so long as the dollar is as printable as paper."

Two weeks ago marked the 60th anniversary of a prescient essay (pdf) promoting gold as redeemable

The Great Depression would have been worse without its only saving grace: all goods were cheaper than before. The major mistake of Hoover and FDR was in thinking that low prices were somehow the cause of the Depression rather than the effect.

Thus, to say it all in one sentence, the threat of massive deflation can be eliminated, the threat of inflation ended, and the actual and potential domain of economic freedom greatly expanded, for $11 billion — an $11 billion that would not even be an out-of-pocket expense to anyone but merely a balance-sheet charge on the books of the Federal Reserve System when it deducted its gold holding from its balance sheet and added it to the balance sheets of the banks.