The True Gold Standard (Second Edition)
The Heritage Foundation published a symposium on cutting the budget in the Winter 1986 issue of its Policy Review (since 2001, published by the Hoover Institution). A number of excellent proposals were made, but I would like to focus on the gem contributed by the late journalist and columnist Warren T. Brookes.
Brookes began by stating that "conservatives need to understand that without basic monetary reform there is no way to balance the U.S. budget, with or without tax increases and budget cuts, and even with the most optimistic GNP growth projections." He then offered a 3 part solution:
With all of the talk about the "fiscal cliff" and raising the debt ceiling yet again, it is clear that the problems of the Federal budget and debt, and especially the cost of servicing the Federal debt, have certainly not gotten any better since Warren Brookes's solutions were published (and ignored) in 1986.
In the opening days of the new session of Congress, a number of bills have been introduced that would partially enact these solutions:
We’ll see just how serious Washington, D.C. is about the budget and debt crises.
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Why the Gold Standard?