http://dailyreckoning.com/if-gold-were-money-again
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In his short but trenchant analysis in 1994 of fractional reserve banking, The Case Against the Fed, Murray Rothbard laid out another methodology for establishing an benchmark price of gold based upon liquidation value of the Federal Reserve. For perspective, in 1994 gold closed the year at $384/ounce, while the broadest measure of money having been printed in the United States (M3) stood at $4.4 trillion, or only 31 percent of its 2008 quantity. When he performed this exercise using the balance sheet of April 6, 1994, he calculated that shutting down the Federal Reserve and distributing gold bullion to its creditors would reset the dollar’s value to $ 1,555 per ounce.
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If it were, we could be sure that the Gooferment was not plundering us by the invisible taxation of inflation. And, none of this deficit nonsense, if they want to spend it then we have to pay for it. Remember the Spanish American cell phone tax! At least, our forefathers had the stones to pay the bills for what they wanted done and not leave an I_O_China for our progeny to pay off.
Argh!
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Reinke Faces Life 