Adopting a Gold Standard Would Promote Fiscal Discipline

– December 30, 2020

“We could allow for a de facto gold standard at little cost. And this standard would ensure that investors could discipline government for borrowing excessively. If citizens were allowed to save their income in gold-denominated accounts without extra costs of taxation and financial regulation, disciplining their government would be as easy as changing the form of one’s savings account.” ~ James L. Caton


Do Not Trust Governments with the Control of Money

– November 16, 2020

“If Judy Shelton is appointed to the Federal Reserve Board of Governors, and if she actually espouses and defends the ideas for which she is being condemned by so many of those ‘mainstream’ economists today, it may be a useful step to the societal transformation to a freer society, a key long run element of which must be the freeing of money from political control.” ~ Richard M. Ebeling

gold money

Judy Shelton is Right About the Gold Standard

– August 7, 2020

“When it comes to the gold standard, the experts have spent too much time reading their textbooks and not enough time studying actual history. Empirical questions require empirical answers, and no amount of armchair theorizing can settle how gold stacks up to fiat money. On this, Dr. Shelton is right and the commentariat wrong.” ~ Alexander W. Salter


Paul Krugman’s Ad Hominem Defense of Central Banking

– August 3, 2020

“Paul Krugman may hide behind rude and crude ad hominem attacks on those who do not share his views, but that does not prove his case. It only serves to harm his own reputation and legitimacy in the arena of public policy debate.” ~ Richard M. Ebeling

Ben Bernanke

Long-Discredited Positions on the Monetary System

– July 31, 2020

“Considering the evidence, it appears to be Mr. Rattner, rather than Ms. Shelton, who holds “long-discredited positions on the monetary system.” Historical bank failures and crises, particularly during the Great Depression, are generally attributable to interference by regulators and central bankers, not to the gold standard.” ~ Thomas L. Hogan

money, bomb, spark

Global Money Supply Growth and the Great Inflation Getaway

– June 30, 2020

“Maintenance of the level of employment rather than inflation has become the focus of official policy everywhere. Stimulus will continue until employment is restored to its pre-crisis level and there remains a colossal debt overhang to temper inflationary tendencies, but there is a real and present danger that, in the process of returning the economy to full-employment, consumer price inflation will get away.” ~ Colin Lloyd


Krugman and the Goldbugs

– August 23, 2019

Many economists have strong opinions about the gold standard. Few seem to understand how a gold standard functions.


Is There Such a Thing as a Free-Market Gold Standard?

– July 31, 2019

Although the multiplication of national gold standards that gave rise to the classical gold standard was partly accidental and partly the outcome of deliberate legislation, market forces also played an important part in it.


The Workings of the Gold Standard

– July 8, 2019

Interventionist monetary policies, intending to lower interest rates to boost the economy or increase employment, are circumscribed.


The Gold Standard, FDR, and the Recovery of 1933

– April 18, 2019

In a recent NBER working paper, Margaret M. Jacobson, Eric M. Leeper, and Bruce Preston argue that FDR’s abandonment of the gold standard helped bring an end to the Great Depression.


FDR’s Legacy of Interventionism

– April 10, 2019

FDR set the standard for future progressives who wished to exercise broad powers to mold the world as they think best.


Government, Gold, and Separating Money From the State

– October 24, 2018

Money did not originate in the laws or decrees of kings and princes. Money, as the generally accepted medium of exchange, emerged out of the market transactions of a growing number of buyers and sellers in an expanding arena of trade.