While it is important that attention be paid to the slow recovery and to “What is holding the economy back,” the two most recent boom-bust episodes should have more clearly focused attention of economists on the need for significant monetary reform. The major goal of reform should the replacement of a central bank controlled fiat monetary regime with a market chosen money, not rules rather than discretion (Garrison 2009 and Cochran 2011).
Fortunately in a recent Congressional hearing (A diverse and wide open hearing on Fed reform) led by Ron Paul is bringing attention to this issue with excellent testimony by Austrians Peter G. Klein, The Ultimate Disorganizing Organization,” and Jeffrey M. Herbener, “Leave Money Production to the Market.”
But don’t miss Herman Cain in today’s Wall Street Journal, “We need a dollar as good as gold.” A highlight: “A gold standard is to moochers and looters in government what sunlight and garlic are to vampires.”
