" …vaults of the central banks and return to the pockets and purses of private individuals, for gold is the only really sound money with intrinsic value. The desire to return to gold is understandable, and we hope to see it realized some day, although the argument in favor of the gold standard is not always stated in a valid way. The distinctive function of gold money does not consist in its intrinsic value or in the constancy of that value, which fluctuates even in the absence of government intervention. The excellence of metallic money in free circulation consists in the fact that it renders impossible the abuse of power of the government to dispose of the possessions of its citizens by means of its monetary policy and thus serves as the solid foundation of economic liberty within each country and of free trade between one country and another. – Faustino Ballve, Essentials of Economics, 1958
Jim’s Quote of the Day:
