Plenty of sensible people recognize there’s something wrong with our money, and favor a return to a commodity money as existed under the gold standard. But how do we get from here to there? Here are the answers of Henry Hazlitt (.pdf; scroll down to pp. 58-61); Murray Rothbard, and
One of the difficulties with the classical gold standard is that it relied on decent, honorable, and intelligent politicians who wouldn’t just abandon the system when it suited them. Nobel Prize winner F.A. Hayek didn’t trust them. Here are his remarks on the complete separation of money and state.
Ron Paul has arguably the simplest solution, which he outlines in The Revolution: A Manifesto, his #1 New York Times bestseller: abolish legal tender laws (which are a monopolistic intrusion into the free market), do away with all taxation on gold and silver, and simply allow people — this is a free country, right? — to choose what suits them best as a medium of exchange. In no time society would, I am certain, converge once again on precious metals, what Professor Jorg Guido Hulsmann calls “natural money.”
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