A Brief History of the Gold Standard

This article by Howard S. Katz comes via our friends at Goldseek.com, and is well worth the read. Here is a snip. Read the whole thing at Goldseek.

Establishment political commentators tell us that Congressman Paul is a third tier candidate. His views are too “extreme.” He is not visible in the polls. He can’t possibly win. Of course, these are the same establishment commentators who made fun of us gold bugs back in 1970 and predicted that gold could not possibly go up. Then after it multiplied in price by a factor of 25 times they went on as before pretending that they had never been wrong. These are the people who still will not admit that Federal budget deficits are financed by printing money and that printing money causes prices to go up. Just maybe they are wrong on this political matter as they are on so many economic matters.

First, it might be a good idea to review the gold standard as a political issue in American history. Gold/silver money versus paper money, or hard money versus soft money in a general sense, was a big issue in early America. Bitter battles were fought on this issue, and much of American history (including the adoption of The Constitution) and the founding of the Democratic Party) came out of it. But the bottom line was that, whenever the issue went to the people for a vote, the people were solidly for hard money, and it won every time. Continue reading here...