Gold Is Money

Hans F. Sennholz

This book summarily rejects the statist monetary orthodoxy. Its nine writers are in full agreement that money is not the product of a legislative act, but the inevitable result of man's division of labor and exchange economy. Wherever enterprising men seek to exchange their goods and services for more marketable goods that facilitate further exchanges for other goods, the precious metals, especially gold, are most suited to serve as money. The writers are aware that for some 2,500 years small pieces of gold and silver, called coins, constituted universal money. It survived two millennia in spite of countless attempts by hosts of governments to manipulate it or replace it with their own media. They are convinced that gold will soon return as universal money and prevail long after the present rash of national fiats is forgotten or relegated to currency museums.

The essays of this collection are the product of a lecture series given at Grove City College during the 1973 Spring Semester.

Gold is Money edited by Sennholz
Meet the Author
Hans Sennholz
Hans F. Sennholz

Hans F. Sennholz (1922-2007) was Ludwig von Mises's first PhD student in the United States. He taught economics at Grove City College, 1956–1992, having been hired as department chair upon arrival. After he retired, he became president of the Foundation for Economic Education, where he served from 1992-1997. He was an adjunct scholar of the Mises Institute, and in October 2004 was awarded the Gary G. Schlarbaum Prize for lifetime defense of liberty.

Mises Daily Hans F. Sennholz
The German inflation of 1914–1923 had an inconspicuous beginning, a creeping rate of one to two percent, writes Hans Sennholz. On the first day of the war, the German Reichsbank, like the other central banks of the belligerent powers, suspended redeemability of its notes in order to prevent a run on its gold reserves. Like all the other banks, it offered assistance to the central government in financing the war effort. Since taxes are always unpopular, the German government preferred to borrow the needed amounts of money rather than raise its taxes substantially. To this end it was readily assisted by the Reichsbank, which discounted most treasury obligations.
Mises Daily Hans F. Sennholz
[This article originally appeared in The Freeman , October 1969 .] Although the Great Depression engulfed the world economy many years ago, it lives on as a nightmare for individuals old enough to...
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Greenwood Press, Westport, Connecticut, 1975