The True Gold Standard (Second Edition)
The Arabian Nights is one of the world's great compilation of stories. One of the most memorable stories there is that of Ali Baba and the Forty Thieves.
The man who seemed to he the captain presently pushed forward, load on shoulder, through thorns and thickets, till he came up to a certain spot, where he uttered these strange words: "Open, Sesame!" And forthwith appeared a wide doorway in the face of the rock. The robbers went in, and last of all their chief, and then the portal shut of itself.
Long while they stayed within the cave whilst Ali Baba was constrained to abide perched upon the tree, reflecting that if he came down, peradventure the band might issue forth that very moment and seize him and slay him. At last he had determined to mount one of the horses and driving on his asses, to return townward, when suddenly the portal flew open. The robber chief was first to issue forth, then, standing at the entrance, he saw and counted his men as they came out, and lastly he spake the magical words, "Shut, Sesame!" whereat the door closed of itself. When all had passed muster and review, each slung on his saddlebags and bridled his own horse, and as soon as ready they rode off, led by the leader, in the direction whence they came. Ali Baba remained still perched on the tree and watched their departure, nor would he descend until what time they were clean gone out of sight, lest perchance one of them return and look around and descry him.
Then he thought within himself: "I too will try the virtue of those magical words and see if at my bidding the door will open and close." So he called out aloud, "Open, Sesame!" And no sooner had he spoken than straightway the portal flew open and he entered within. He saw a large cavern and a vaulted, in height equaling the stature of a full-grown man, and it was hewn in the live stone and, lighted up with light that came through air holes and bull's-eyes in the upper surface of the rock which formed the roof. He had expected to find naught save outer gloom in this robbers' den, and he was surprised to see the whole room filled with bales of all manner stuffs, and heaped up from sole to ceiling with camelloads of silks and brocades and embroidered cloths and mounds on mounds of varicolored carpetings. Besides which, he espied coins golden and silvern without measure or account, some piled upon the ground and others bound in learthern bags and sacks. Seeing these goods and moneys in such abundance, Ali Bab determined in his mind that not during a few years only but for many generations thieves must have stored their gains and spoils in this place.
When he stood within the cave, its door had closed upon him, yet he was not dismayed, since he had kept in memory the magical words, and he took no heed of the precious stuffs around him, but applied himself only and wholly to the sacks of ashrafis. Of these he carried out as many as he judged sufficient burthen for the beasts, then he loaded them upon his animals, and covered his plunder with sticks and fuel, so n
one might discern the bags but might think that he was carrying home his usual ware. Lastly he called out, "Shut, Sesame!" and forthwith the door closed, for the spell so wrought that whensoever any entered the cave, its portal shut of itself behind him, and as he issued therefrom, the same would neither open nor close again till he had pronounced the words "Shut, Sesame!" Presently, having laden his asses, Ali Baba urged them before him with all speed to the city and reaching home, he drove them into the yard, and, shutting close the outer door, took down first the sticks and fuel and after the bags of gold, which he carried in to his wife.
[Many years later....]
Then, alighting from his beast, he tied it up to a tree, and going to the entrance, pronounced the words which he had not forgotten, "Open, Sesame!" Hereat, as was its wont, the door flew open, and entering thereby he saw the goods and hoard of gold and silver untouched and lying as he had left them. So he felt assured that not one of all the thieves remained alive, and that save himself there was not a soul who knew the secret of the place. At once he bound in his saddlecloth a load of ashrafis such as his horse could bear and brought it home, and in after days he showed the hoard to his sons and sons' sons and taught them how the door could he caused to open and shut. Thus Ali Baba and his household lived all their lives in wealth and joyance in that city where erst he had been a pauper, and by the blessing of that secret treasure he rose to high degree and dignities.
Sismah, derived from Sesame, is the contemporary Hebrew word for password. And when our contemporary political authorities rediscover the empirical data demonstrating the economic growth inducing properties of the classical gold standard they will discover the key to transforming a world pauperized by paper and the key to restoring "the blessing of that secret treasure" and permit society once again to rise to "high degree and dignities."
Jun 19, 2013
America recently celebrated — well, maybe we didn’t celebrate – the 80th anniversary of Franklin Roosevelt’s action to end to the gold standard. But America is also celebrating – well, maybe not everyone is celebrating – the 100th anniversary of the legislation creating the Federal Reserve System. As Lewis E. Lehrman...
Jun 18, 2013
Constitution.org provides an extensive and thoughtful Memorandum of Law by Larry Becraft, Esq., of Huntsville, Alabama, on Article I, Section 10, clause 1 of the US Constitution. Sir William Blackstone courtesy of Wikipedia One of many interesting matters the Memorandum treats is Blackstone's Commentaries, a book that was a fixture in the...
Jun 19, 2013
In the spring of 1933, global trade was being undermined by nationalistic economic responses to the Great Depression, including currency...
Kathleen M. Packard, Publisher
The Gold Standard Now
Board of Advisors:
Sean Fieler, James Grant,
Senior European Advisor