AUTHOR CONCLUDES:
The only way to solve the monetary problem is to realize it is too important to be left to the politicians. The public decided precisely that in the presidential elections of 1896 and 1900, leading to the “Gold Standard Act” of 1900. William Jennings Bryan may not have wanted to “be crucified on a cross of gold”, but most Americans wanted sound money.
The gold standard may be too much for a lot of people these days, but Washington has to get the value of its money under control, so the people can use it; this does require some sort convertibility as a “money-back guarantee”, as the sign of confidence and support. There are many ways to do it, all of which revolve around holding a market price of the currency.
Somehow people have forgotten the definition of money: a medium of exchange, unit of account and store of value. Then again, the banks and brokers created money-fund money, so there is a real, commercial demand for something that does hold its value and we can use.
The 1936 dollar is worth $.05 today!
Good work by a government some say operates in a democratic republic.
Obama - “Let’s not.
Besides, I won. You lose.”