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“Not Just Another Article Espousing the Gold Standard” – Forbes

Posted by
February 11, 2011
in Blog

“America has what’s known as fiat currency. We now trust in the fallible humanity occupying the Fed and Treasury. Fiat currency has opened the door to any manner of mischief. As John Locke warned, America has left herself exposed to “the inconstant, uncertain, unknown, arbitrary will of . . . man.”

Government, unlike gold, is not neutral. It is animate and the characters inhabiting it have their own designs, pure or otherwise. Public officials exhibit no qualms manipulating the currency to aggrandize government; invariably at the expense of the private sector.

The otherwise worthless piece of paper in your wallet conveys value because of government decree. It represents a debt owed by the Treasury to the Federal Reserve. This occurs through Federal Open Market Committee activities where the Fed buys and sells short term treasury notes. Our monetary system is built on government debt, not gold.” Read more

“Not Just Another Article Espousing the Gold Standard” 
Bill Flax 
Forbes, February 3, 2011. 

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