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Blogs by Larry M. Lounsbury
Gold-untarnished Fiat?
7/17/2009 12:06:14 PM
Shall we return to a more stable economic system where our sovereign Banks had more control? Is there a danger of world banks controlling a countries economy? An article from the web raises some good questions.
"If the future purchasing power of the paper dollar becomes less and less predictable, it also seems probable that gold will be more and more widely used as a medium of exchange. If this happens, there will then arise a dual system of prices — prices expressed in paper dollars and prices expressed in a weight of gold. And the latter may finally supplant the former. This will be all the more likely if private individuals or banks are legally allowed to mint gold coins and to issue gold certificate...But even of the small number of monetary economists who favor a return to a gold standard, probably less than a handful accept the idea of such a 100 percent gold standard. They want a return, at best, to the so-called classical gold standard — that is, the gold standard as it functioned from about the middle of the nineteenth century to 1914. This did work, one must admit, incomparably better than the present chaos of depreciating paper monies," (Hazlett:Gold Vs Fractional Reserves).
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