“Unfortunately, solving our economic problems is not a simple matter of passing a law to reestablish gold or any other commodity as money. It was not the politicians, but rather the electorate that demanded the abandonment of the gold standard and the establishment of a credit-money standard. In a nation run by majority rule, unless you can convince individuals to abandon the use of government as a sword of theft, gold or any other commodity will never last as the basis for money. A gold standard is not the cause of a stable economy, it is the result of a stable economy; it is not the solution to our problem, but will be one of the consequences when a solution is found. We had a gold standard in the U.S. for over 150 years, yet it didn’t prevent our current economic debacle. Establish it again, and it will be abandoned again. In fact, it may be established again just as a sly trick to restore confidence in the value of currency, since backing the dollar with gold would make people think that our problems were solved. But the problems will not be solved, not until the use of government as a method of plunder is stopped.” – John Pugsley, The Alpha Strategy
Jim’s Quote of the Day:
