http://www.lewrockwell.com/murphy/murphy152.html
Defend the Gold Standard
by Bob Murphy
*** begin quote ***
I don’t trust central bankers to stick to a gold standard; that’s why I think the government should get out of the money industry altogether. Suppose we were starting in an initial state of pure laissez-faire in money and banking, and someone said, “Hey I know! Let’s give this Princeton professor – what was your name, sir, was it Ben? – a printing press, but be very stern that he can’t overdo it and allow the gold price to rise more than 1 percent from the day he starts. Does that sound like a good idea?” In response, I would obviously say, “No, that seems rather risky. I think we should stick to the current system, where the market determines how much new money is brought into the economy through gold production.”
*** end quote ***
We fall prey to these bozo bureaucrats when we let them mess with the money supply.
If we tie the value of a dollar to gold, then the Fed can’t just manufacture dollars out of thin air. And, congress critters can’t spend what they don’t take it.
It restores honesty to finances. It disciplines them into husbandry. It forces them to live with in OUR means.
After all in fiat currency, what is a dollar?
A toilet paper alternative?
Argh!
# # # # #
Reinke Faces Life 