Download The Case for the 100 Percent Gold Dollar by Murray N. Rothbard PDF

By Murray N. Rothbard

Rothbard not just argues for the ideal; he indicates the way it may be restored in a pragmatic, step by step plan. No different procedure will cease the probably never-ending financial inflation of the Federal Reserve approach. He additionally makes his most powerful case opposed to fractional reserve banking. This essay used to be written in 1962 and this version contains Rothbard's sweeping creation from 1991, during which he argues that the genuine premier is extra achievable than ever.

Contents of this quantity include:

  • The Case for a one hundred pc Gold greenback
  • Money and Freedom
  • The greenback: self sufficient identify or Unit of Weight
  • The Decline from Weight to call: Monopolizing the Mint
  • The Decline from Weight to call: Encouraging financial institution Inflation
  • 100 percentage Gold Banking
  • Objections to 100% Gold
  • Professor Yeager and one hundred pc Gold
  • The 100% Gold culture
  • The street Ahead

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Extra info for The Case for the 100 Percent Gold Dollar

Sample text

97-123, and defended it against the criticisms of Benjamin M. Anderson and Howard S. Ellis in his Human Action (New Haven: Yale University Press, 1949), pp. 405-08. Also see Joseph A. Schumpeter, History of Economic The Ludwig von Mises Institute • 31 The Case for a 100 Percent Gold Dollar I want to make it clear what I am not saying. I am not saying that fiat money, once established on the ruins of gold, cannot then continue indefinitely on its own. Unfortunately, such ultrametallists as J. Laurence Laughlin were wrong; indeed, if fiat money could not continue indefinitely, I would not have to come here to plead for its abolition.

7 The monetary unit was, therefore, always a unit of weight of a money commodity, and the names that we know now as independent moneys were names of these units of weight. 8 7The monetary unit was not just a pure unit of weight, such as the ounce or the gram; it was a unit of weight of a certain money commodity, such as gold. The dollar was 1/20 of an ounce of gold, not of just any ounce. And here we find a crucial flaw in the idea of a composite-commodity money which has been overlooked: Just as we cannot call the monetary unit an "ounce" or "gram" or "pound" of several different, or composite, commodities, so the dollar cannot properly be the name of many different weights of many different commodities.

And yet only by their ''hoarding'' taking effect through lower prices can they bring about this result. Only by demanding more cash balances and thus lowering prices can the dollars assume a higher real value. I see no reason why government manipulators should be able to deprive the consuming public of this right. Second, if people really had an overwhelming desire for a stable price level, they would negotiate all their contracts in some agreed-upon price index. The fact that such a voluntary "tabular standard" has rarely been adopted is an apt enough commen~aryon those stable-price-Ievel enthusiasts who would impose their ambitions by government coercion.

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