For more than 40 years, Lewis Lehrman, Co-Chairman of the Gilder Lehrman Institute of American History, has taken a leadership role in promulgating gold as money. Here, he discusses overcoming objections to eliminating paper money, e.g., that we cannot have gold-as-money because: financial markets are inherently unstable and we need paper money to periodically bail them out; there is may not be enough gold to finance safety nets; there is not enough gold for politicians to honor entitlement promises, especially Medicare; there is not enough gold to fund defense; that without paper money, the ability of politicians to manage the economy would be severely constrained; and that there is not enough gold to support a growing economy. The issue that the fees to the financial sector with a paper money monetary system are now in excess of $1 trillion per year and that gold-as-money would greatly reduce that fee stream is also addressed. He discusses two periods when a return to gold-as-money, after de Gaulle was given the power to govern France circa 1958 and after Resumption (of gold-as-money) in the U.S. after 1879 that there was the most productive time in history in terms of improving the standard of living for ordinary people. Mr. Lehrman talks about why he believes political leadership, as provided by Mr. Lincoln in getting rid of slavery, is the key factor in reforming the world’s monetary system. Mr. Lehrman is the author of The True Gold Standard, Expanded and Newly Revised Second Edition.
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More Information can be found from Larry Parks HR1098 Congressional Testimony 9-13-11
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