Sound Money, Monetary Freedom And The Governmen

AUGUST 16, 2012

This is the testimony for the US Subcommittee on Domestic Monetary Policy and Technology on “Sound Money: Parallel Currencies and the Roadmap to Monetary Freedom,” presented by Dr. Richard M. Ebeling, Professor of Economics at Northwood University.

“To discuss a possible roadmap to monetary freedom in the United States requires us to first determine what may be viewed as a ‘sound’ or ‘unsound’ money. Through most of the first 150 years of US history, ‘sound money’ was considered to be one based on a commodity standard, most frequently either gold or silver. In contrast, the history of paper, or fiat, monies was seen as an account of abuse, mismanagement and financial disaster, and thus ‘unsound’ money.”

Ebeling discusses: The gold standard in practice; the gold standard, central banking and changing monetary policy goals; central banking is a form of central planning—with the same defects; free banking and the benefits of market competition; for a system of monetary and banking freedom; and an agenda for monetary freedom

source: BMG