The Case for a 100 Percent Gold Dollar is one of Rothbard’s clearest statements on sound money. In it he argues that money should be grounded in a market commodity—specifically gold—not controlled by political authorities. But the book’s centerpiece is the argument that demand deposits and banknotes should be backed 100 percent by actual gold reserves and that there should be no fractional reserve banking at all. Rothbard argues that fractional reserve banking is essentially fraudulent—a violation of property rights because it creates competing claims to the same property.
But Rothbard does not simply call for a return to the pre-1933 gold standard. He shows that the old system was already compromised because governments and banks had built an inflationary pyramid of unbacked paper claims on top of gold. The abandonment of gold in the 1930s was the culmination of a long process of intervention, not an isolated event.
Instead, he calls for a truly honest monetary system built on gold, redemption, and property rights, and free of government intervention and fractional reserve banking.
The Case for a 100 Percent Gold Dollar is a classic defense of sound money and essential reading for everyone living under a central banking regime.
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