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By Ron Paul

Ron Paul has been the top champion of sound funds within the Congress. right here he explains why sound cash capability a brand new most effective. The monograph is written within the clearest attainable phrases with the target of explaining the fundamentals of paper cash and its results of inflation, enterprise cycles, and executive progress. He maps out a plan to lead to a buck that's nearly as good as gold, one who will be shielded from manipulation through govt and principal bankers. a part of that procedure is the minting of a brand new gold one however the extra far-reaching plan consists of a redefinition of the greenback and whole financial pageant. This monograph first seemed in 1981, and it's been in broad distribution ever considering. Henry Hazlitt writes the advent, and Murray Rothbard writes the preface. fifty seven pages, 6" x 9", paperback

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To businessmen, the new funds seem to be genuine investments. But these do not, like free market investments, arise from voluntary savings. The new money is invested by businessmen in various projects, and paid out to workers and other factors as higher wages and prices. As the new money filters down to the whole economy, the people tend to reestablish their old voluntary consumption/savings proportions. In short, if people wish to save and invest about 20% of their income and consume the rest, new bank money loaned to business at first makes the saving proportion look higher.

For the gold exchange standard to have worked, the men in charge of the American dollar would have had to refuse to expand the money supply. No one, of course, can be trusted with such a responsibility. The temptation to create new money is always too great. Even though the government always claims it is creating wealth for the unfortunate, a little reflection makes it obvious that no wealth can be created by duplicating monetary units. Wealth can, and is, transferred from one to another, but no new wealth is created.

Congress' responsibility is clear, but the choices are varied. We can continue down the rutted road of the past half century, which will lead to monetary collapse and perhaps a new currency, as in Israel recently, and hundreds of times in other countries since 1900. But if the new currency is a fiat one, nothing will have been changed. We could take the monetarists' advice, and keep on inflating, but at a lower rate. But if 4% is good, what's wrong with 5% or 50%? If the growth in the money supply is to coincide with economic growth, what if there is a decline?

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