The Gold Standard 

Before the Fed:
JP Morgan to the Rescue!

" Morgan swiftly assembled the very best financiers to assist him with the rescue effort…. The task force had two assignments. The first … was to decide which banks caught in the upheavals were to be bailed out and which left to go under. The second… was to raise the money for the rescue effort. By early November, despite having injected $3 million of his own cash, raised over $8 million from the other banks collectively, secured a commitment from the secretary of the treasury to provide $25 million in deposits, and even managed to extract $10 million from John D. Rockefeller, Sr., Morgan had been unable to check the panic. Depositors continued to withdraw their money and one of the largest trust companies in the country, with over $100 million in deposits, tottered on the edge of collapse. "

— Liaquat Ahamed, Lords of Finance (Penguin Books, 2009, p. 53)

Jacques Rueff: Political Economist for the 21st Century?

by John D. Mueller

... In 1929 {Jacques] Rueff was attached to the League’s Gold Committee, which studied the problems facing the international monetary system. In his report, “Abnormal Fluctuations in the Purchasing Power of Gold,” Rueff called attention for the first time to the threat posed by the “gold-exchange standard.” Rueff warned that, whereas the consequences of typical economic policy mistakes were confined to the country that made them, the nature of the “reserve-currency” system was to transmit inflation or deflation on a worldwide scale.

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Does Rand Paul's Rise Signal a Broader Libertarian Moment?

by Ralph Benko

... [Prof. Richard] Timberlake’s Constitutional Money provides excellent scholarship. It also presents as an intellectual thriller, a page-turner, which those who care about classical liberalism will find impossible to put down. It is a great contribution to monetary, as well as classical liberal, discourse. Most of all in publishing this work Cato Institute provides a powerful intellectual tool to reformers such as Rand Paul.

The Fallacies of Lord Keynes' General Theory

by Jacques Rueff

"[I]f the spectre of "under-employment" appears again in the world tomorrow, as is probable, (the Keynesian philosophy) will be the universal recourse of peoples and governments. If it is true, it will be the salvation of the world; if it is false, it may lead to catastrophe by turning the world to ineffective remedies which may make the evil much worse. ... Whom Jupiter wishes to destroy, he first makes mad."

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