Quarterly Journal of Austrian Economics
The Goal of Monetary Reform
Volume 3, No. 3 (Fall 2000)
The essential reason that a 100-percent-reserve gold standard should be the ultimate goal of monetary reform is that is would secure the economic system against the evils both of inflation and of deflation-depression. In addition, it would be consistent with the fundamental moral-political principle of the absence of the initiation of physical force and thus the positive presence of individual freedom. Indeed, by virtue of the safeguards it imposes against inflation and deflation-depression, it would secure the individual's freedom against the state better than any other monetary system.