Gold, The case for

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1、THELUDWIGVONMISESINSTITUTEAUBURN,ALABAMA2007CONTENTSFOREWORDiINTRODUCTIONixI.ThePresentMonetaryCrisis1II.AHistoryofMoneyandBankingintheUnitedStatesBeforethe20thCentury17III.MoneyandBankingintheUnitedStatesinthe20thCentury119IV.TheCaseforMonetaryFreedom143V.RealMoney:The

2、CasefortheGoldStandard153VI.TheTransitiontoMonetaryFreedom177VII.TheNext10Years195APPENDIX203INDEX223AcknowledgementsTheauthorswouldliketothankChristopherWeber,MurrayRoth-bard,andJohnRobbinsfortheirassistanceinresearching,drafting,andeditingthisreport.FOREWORDMoreandmor

3、epeopleareaskingifagoldstandardwillendthefinancialcrisisinwhichwefindourselves.Thequestionisnotsomuchifitwillhelporifwewillresorttogold,butwhen.Allgreatinflationsendwiththeacceptanceofrealmoney—gold—andtherejectionofpoliticalmoney—paper.Thestageisnowset;monetaryorderiso

4、ftheutmostimportance.Conditionsaredeteriorating,andthesolutionsproposedtodatehaveonlymadethingsworse.Althoughthesolutionisreadilyavailabletous,powerfulforceswhoseinterestsareservedbycontinuationofthepresentsystemclingtenaciouslytoamonetarysystemthatnolongerhasanyfoundat

5、ion.Thetimeatwhichtherewillbenootherchoicebuttorejectthecurrentsystementirelyisfastapproaching.Althoughthatmomentisunknowntous,thecoursethatwecontinuetopursuewillundoubtedlyhurtleusintoamonetaryabyssthatwillmandateamajorreform.Thatmomentmaycomeverysoon—itnearlyarrivedin

6、the1979dollarcrisis—butIhopeitwillnotarriveforseveralyears.Thatwayagreaterunderstandingamongmorepeoplewillpromptawiserchoiceinestablishingtheneworder.TheminorityviewsoftheGoldCom-missiondealpreciselywiththistask.Inplanningforaconstructivemonetaryreformtheerrorsofthepast

7、andthemythsthathaveevolvedaroundmoneymustbefullyunderstoodandexplained.InthisreportwehavemadeanefforttoanalyzetheAmericanexperiencewithgoldandtorefutetheclichesusedtocondemntheuseofgoldasmoney.Nooneprogramisindispensableinoutliningthetransitionfrompapertogold.Everydayco

8、nditionsaredifferent.Todayweneedaprogramdifferentfromtheonenecessarythreeyearsago,andinthreeyearstheconditions