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The True Gold Standard - A Monetary Reform Plan without Official Reserve Currencies by Lewis E. Lehrman (2011) Paperback
Lewis E. Lehrman
- GenresEconomics
148 pages, Paperback
First published January 1, 2011
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September 19, 2012
As an essay it does its job of concisely putting forth reasons supporting a move to a "true" gold standard. I place true in quotation marks because over the years there have been several flawed domestic and intl gold standards in place. This essay deals with the true gold standard.
I like the concept in that it removes the capricious nature of today's forex systems. It prevents central bank manipulation and removes most incentives for the financial system to tread down the path of evil (as it is wont to do - I am in the financial industry and have seen it all first hand).
I am concerned about a couple potential repercussions, however. For instance, what happens if the amount of gold mined annually declines (for any of a myriad of reasons) over a five or ten year period when domestic economic growth in productivity or population booms (Internet invention, iPhone, teleportation, whatever)? I would think that a flat gold supply during such a time artificially restricts a growth in the money supply at precisely the time when the economy needs it to create a virtuous growth cycle. What about times of world war (which unfortanately happen)? Access to gold below ground and or above ground may be hampered. A country may find itself restricted from fighting a war effort simply because the gold is across the border somewhere else.
My criticisms may well be answered somewhere and may not force the idea to be completely disregarded. One thing is clear, our current fiat and fractional-reserve system needs reform. I would like to first reform it without abandoning it altogether, but the true gold principle may have merit.
I like the concept in that it removes the capricious nature of today's forex systems. It prevents central bank manipulation and removes most incentives for the financial system to tread down the path of evil (as it is wont to do - I am in the financial industry and have seen it all first hand).
I am concerned about a couple potential repercussions, however. For instance, what happens if the amount of gold mined annually declines (for any of a myriad of reasons) over a five or ten year period when domestic economic growth in productivity or population booms (Internet invention, iPhone, teleportation, whatever)? I would think that a flat gold supply during such a time artificially restricts a growth in the money supply at precisely the time when the economy needs it to create a virtuous growth cycle. What about times of world war (which unfortanately happen)? Access to gold below ground and or above ground may be hampered. A country may find itself restricted from fighting a war effort simply because the gold is across the border somewhere else.
My criticisms may well be answered somewhere and may not force the idea to be completely disregarded. One thing is clear, our current fiat and fractional-reserve system needs reform. I would like to first reform it without abandoning it altogether, but the true gold principle may have merit.
Displaying 1 of 1 review