My late economic professor and mentor, Hans F. Sennholz, practiced what he preached. His example added to the strength of his classes. Forecasting the great weakening of paper money he invested in gold and silver. He had mixed feelings. “As gold investors we may rejoice about the soaring gold price, but as members of a highly productive society we are fearful of the ominous consequences of the paper money depreciation, which the rising gold price so distinctly reveals.”
That was written in 1975, several years before the price of gold hit its peak for that decade. He concluded “the redistributive society cannot tolerate monetary freedom. Its monetary tools are central banks and fiat money, legal tender legislation and currency regulation, inflation and price controls.” Great educators such as Hans Sennholz, influenced many, but government mischief continues. The debate about protecting our monetary system from politicians and bureaucrats is again front news. Those who followed Sennholz teaching at Grove City College, his students (like Pete Boettke, at George Mason University, or Matt Kibbe at Freedom Works) have educated thousands, and they are making their voice heard. Our friends at www.goldstandardsolution.com are coming up with new tools to convince public opinion about the need for sound money.
This is an essential effort for the future of the free society.