The True Gold Standard (Second Edition)
It is an extraordinary privilege to present this exclusive interview with Lewis E. Lehrman, in 21 installments, of which this is the twenty-first.
Lewis E. Lehrman has written widely about economic and monetary policy. He has co-authored the book Money and the Coming World Order (1976) with renowned MIT Economist Charles Kindleberger and others. Lehrman has written about economics in publications such as Harper's, The Washington Post, The New York Times, The Wall Street Journal, Weekly Standard, Crisis, Policy Review and National Review. His writings about monetary economics earned him an appointment by President Ronald Reagan to the Presidential Gold Commission in 1981. Along with Congressman Ron Paul, Lewis Lehrman collaborated on a minority report of the commission, which was published as The Case for Gold (1982).
Lehrman published seven volumes on “Rueff Monetary Economics” (The Collected Works of Jacques Rueff, 1997, Plon, in French). Jacques Rueff, the distinguished French monetary economist, established the monetary and economic plan of the Fifth French Republic, as President DeGaulle's chief financial advisor. The primary purpose of the plan was to restore economic prosperity, a stable French currency, and the end of French inflation by means of convertibility to gold of the French franc. Lehrman has been named to the advisory board of the American Principles Project’s Gold Standard 2012 initiative.
Lewis E. Lehrman [Photo by Ralph Benko]
Q. What are your views as to likely further emergence of the importance of monetary integrity, in general, and the gold standard, specifically, in the popular, policy, and political discourse in the near future? Might the gold standard be a significant factor in the upcoming presidential election?
It is plausible that the monetary issue may become important in the 2016 presidential election. All will depend on the level of disorder in the deranged floating exchange rate system of today. It will also require an insight by presidential candidates, that the most important economic issue is to preserve the purchasing power of wages and salaries by means of a stable currency in a stable international monetary system. Such a presidential candidate must also see that the least imperfect monetary system of history is the classical gold standard without official reserve currencies.