By John Tamny of RealClearMarkets
“…it is not necessary that paper money should be payable in specie to secure its value; it is only necessary that its quantity should be regulated according to the value of the metal which is declared to be the standard. If the standard were gold of a given weight and fineness, paper might be increased with every fall in the value of the gold, or, which is the same thing in its effects, with every rise in the price of goods.” David Ricardo, Principles of Political Economy and Taxation
The financial crisis of the past year has predictably generated all manner of suggestions about how to fix the problems before us. And while most solutions have missed the point along the lines of treating a cancer patient with a pacemaker, there’s a small but growing call for a return to the monetary stability wrought by a gold standard.
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