George Gilder, whose new book publishes today, is one of the original pillars of Supply Side economics. As stated by Discovery Institute, which he co-founded, “Mr. Gilder pioneered the formulation of supply-side economics when he served as Chairman of the Lehrman Institute’s Economic Roundtable, as Program Director for the Manhattan Institute….”
Lately we have been engulfed by headlines reporting financial turmoil on every continent, in almost every nation, large and small. The commissars of central planning who so marred the history of the 20th century have been replaced by central banks in the 21st. In Cyprus, the new leadership now dares to confiscate citizens’ wealth with a one-time tax of up to 60 percent on bank deposits above 100,000 euros. Self-interested prime ministers blame continental monetary policies for instigating the currency wars that they themselves surreptitiously carry on.
The True Gold Standard
(Second Edition - Newly Revised and Enlarged)
Lewis E. Lehrman
Available in Hardcover and on Kindle
Statement by Alan Greenspan Before the Federal Gold Commission
Thirty years ago, our Editor, Ralph Benko, was one of only 23 who testified before the U.S. Gold Commission at its invitation. While recently in his archives we came across the never before published testimony of Alan Greenspan, then president of Townsend-Greenspan, before the United States Gold Commission. With the permission of Greenspan Associates TheGoldStandardNow.org publishes Dr. Greenspan's Statement for the first time. This piece represents an extraordinary additional meditation on the gold standard by a man who would go on to become long-serving chairman of the Federal Reserve Board. TheGoldStandardNow authorizes others to publish quotes from this up to 75 words with a link to the source document below.
In years past, the desire to return to a monetary system based on gold was perceived as nostalgia for a bygone era, when times were simpler, problems less complex, and the world not threatened with nuclear annihilation. But after a decade of destabilizing inflation and economic stagnation, the restoration of a gold standard has become an issue that is clearly rising on the economic policy agenda. ... The immediate problem of restoring a gold standard is fixing a gold price that is consistent with market forces. Obviously if the offering price by the Treasury is too low, or subsequently proves to be too low, heavy demand at the offering price could quickly deplete the total U.S. government stock of gold, as well as any gold borrowed to thwart the assault. At that point, with no additional gold available, the U.S. would be off the gold standard and likely to remain off for decades. Alternatively, if the bid price is initially set too high, or subsequently becomes too high, the Treasury would be inundated with gold offerings. The payments for the gold drawn on the Treasury's account at the Federal Reserve would add substantially to commercial bank reserves and probably act, at least temporarily, to expand the money supply with all the inflationary implications thereof. Monetary offsets to neutralize or "earmark" gold are, of course, possible in the short run. But as the West German monetary authorities soon learned from their past endeavors to support the dollar, there are limits to monetary countermeasures. The only seeming solution is for the U.S. to create a fiscal and monetary environment which in effect makes the dollar as good as gold, i.e., stabilizes the general price level and by inference the dollar price of gold bullion itself. Then a modest reserve of bullion could reduce the remaining narrow gold price fluctuations effectively to zero, allowing any changes in gold supply and demand to be absorbed in fluctuations in the Treasury's inventory. ...     
The value of the yuan has been slowly rising. The value of the Japanese yen has been sharply falling. Abenomics is attempting to reflate the Japanese economic – slowly, slowly. “Japan is back!” Prime Minister Shinzo Abe tells the Japanese.
Coming back isn’t easy. The Financial Times’ Jonathan Soble has noted...
A recent front page Wall Street Journal article was headlined: “Miscast BRICs Lose Way.” Francesco Guerrera wrote that ‘the concept has come under unusually heavy attack, partly because of poor investment performance.” The basic BRIC was first laid by Wall Street strategist Jim O’Neill, who still defends the BRICS as...
via Google Translate: Milton Friedman was one of the most outstanding economists of the 20th Century. He came from...
Sep 01, 1996
Key Monetary Writings
In Defense of Fiduciary Media - or, We are Not Devo(lutionists), We are Misesians!
The Murray Rothbard both of us knew was committed to a frank and vigorous contest of ideas. He understood that...
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Kathleen M. Packard, Publisher The Gold Standard Now
Board of Advisors: Senior Advisors Sean Fieler, James Grant, Senior European Advisor Advisors In Memoriam
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