Making Change, Choice and a Comeback

Some things don’t change.  For centuries, for example, people have been painting still life – flowers, fruit, some food on a platter with a dead rabbit on the side.   Even Picasso tried his hand at it. “Still lifes,” however, are often a metaphor for stagnation.

But just maybe, life is stirring abroad.

A restaurant at Walt Disney World has begun to serve alcoholic beverages.   What is Mickey Mouse thinking?   The Russian army has decided to let its soldiers wear socks instead of the centuries-old “portayanki” that they wrapped around their feet for centuries.  And the Cuban government has decided to discontinue exit visas for its citizens.

What is the world coming to? Japan, for example, is considering phasing out nuclear power. In France the Greens want to phase out nuclear power completely but have agreed with Socialists to slower, more limited goals.

The world does not move quickly, however – even when the danger is clear. Psychologically, much less economically, doing something different is scarey.  It is more comforting to do more of the same even if it isn’t working than do something different that might work better.

Too often, politics trumps policy.  When politics confront policy – as it did in a 1971 when Nixon closed the gold window– is it any wonder that policy will suffer? We desperately  need economic policies that embrace both change and choice.

William Jennings Bryan, famously not a fan of the gold standard, once said: “Destiny is not a matter of chance, it is a matter of choice; it is not a thing to be waited for, it is a thing to be achieved.” Bryan never tired of making a comeback for himself and his anti-gold policies; he ran three times for president.

It’s time for a gold standard  comeback.

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The Most Important Thing Holding Up the US Dollar

by Ron Paul

Today’s economic conditions reflect a fiat monetary system held together by many tricks and luck over the past 40 years. The world has been awash in paper money since removal of the last vestige of the gold standard by Richard Nixon when he buried the Bretton Woods agreement — the gold exchange standard — on August 15, 1971.

Since then we’ve been on a worldwide paper dollar standard. Quite possibly we are seeing the beginning of the end of that system. If so, tough times are ahead for the United States and the world economy.

Piketty’s Gold?

April 21, 2014

In terms of public policy, though, we favor honest money. It works out better for more people. And there is a moral dimension to the question of honest money. This was a matter that was understood — and keenly felt — by the Founders of America, who almost to a man (Benjamin Franklin, a printer of paper notes, was a holdout), cringed with humiliation at the thought of fiat paper money. They’d tried it in the revolution, and it had been the one embarrassment of the struggle. They eventually gave us a Constitution that they hoped would bar us from ever making the same mistake.

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The Rueffian SynthesisJohn D. Mueller

Publisher's Note: Originally released in June/July of 1991, this detailed report discusses Jacques Rueff's economic theories and applies them to modern economic events.

By John D. Mueller

Rueff Restates the Quantity Theory of Money

... Rueff argued that the real problem with the monetarists is not that they focus too much, but rather too little on the supply of money; namely, they assign too little importance to the concrete mechanisms by which money is actually created. Most monetarists adopt the convention that the government can control the nominal supply of money, while demanders of money control its value. Rueff pointed out that under a properly functioning monetary system, even the nominal supply of money is determined by people’s demand for it.

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Excerpts From:


by Lewis E. Lehrman

"The economist defines money as a medium of exchange. It is the token we supply in order to effect payments for the goods we demand. Money is especially a standard like a yardstick – a unit of measure by which we value and price economic goods. Money units express prices which are the vital information necessary for efficient exchange. Money is surely a store of value."

Learn More

 

So Long, So Slow: IMF Not So Optimistic on World Recovery

Kathleen Packard  |  Apr 23, 2014
“Here’s the short story: The U.S. has exited from financial crisis: Asia and Europe have not,” wrote Rana Foroohar in TIME at the beginning of this year. “China, the second largest economy in the world, is pretty much where the U.S. was five years ago – deeply in debt...Japan, where...

Gold Mining Using Cornstarch Instead of Cyanide

Ralph J. Benko  |  Apr 22, 2014
Some critics of gold (and of the gold standard) are concerned by the environmental toxicity of the cyanide now used to extract gold from ore.  This process may be about to change to something much greener.    Flow chart courtesy of Professor Abrol Kakharov    Gizmag reports In the gold-mining process, the precious...
VIEW BLOGS
Apr 22, 2014
World Press
George Melloan

In Going Long, the Fed Is Short-Sighted

Stock and bond traders spent most of last year in a state of high anxiety over what would happen when...
VIEW WORLD NEWS
Jun 01, 1991
Key Monetary Writings
John D. Mueller

The Rueffian Synthesis

In which LBMC’s approach receives a name, Wanniski is refuted, and the setbacks of the supply-side movement are explained. In his Life...
VIEW KEY MONETARY WRITINGS
 
Prosperity Through Gold
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Kathleen M. Packard, Publisher
Ralph J. Benko, Editor

The Gold Standard Now
Board of Advisors:


Senior Advisors

Sean Fieler, James Grant,
Steve Hanke, John D. Mueller,
Lawrence Parks, Judy Shelton,
Lawrence H. White

Senior European Advisor
Paul Fabra

Advisors
Jeffrey Bell, Ralph J. Benko,
Andresen Blom, Frank Cannon,
Rich Danker, Brian Domitrovic,
Charles Kadlec, Christopher K. Potter,
John Tamny and Frank Trotta

In Memoriam
Professor Jacques Rueff
(1896-1978)

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