Wednesday, October 08, 2003

Browsing through The Serfdom Times I found a link to an article by Gary North called The Myth of Insufficient Gold.

It's a very interesting read about the free market & monetary policy in our economy. He contends that the unsupported currency we use is a valuable tool in the government's quest for power, & that it's not only possible but desirable to return to a gold or silver standard.

A taste:

"Monetary policy in this perspective is an "exogenous factor" in the marketplace – something that the market must respond to rather than an internally produced, "endogenous factor" that stems from the market itself. The money supply is therefore supposedly indirectly related to market processes; it is controlled by the central governments acting through the central bank, or else it is the automatic creation of a central bank on a fixed percentage increase per day and therefore not subject to "fine-tuning" operations of the political authorities.
A smaller number of free market advocates (myself among them) are convinced that such monopoly powers of money creation are going to be used. Power is never neutral; it is exercised according to the value standards of those who possess it. Money is power, for it enables the bearer to purchase the tools of power, whether guns or votes."

I agree with him & believe you will too. Go read the article to find out if I'm right about this.

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