World Bank president, Robert Zoellick, has caused a bit of a fire storm with his endorsement of anchoring the international monetary system to gold once again.
And Martin Wolf, of the “Financial Times,” has joined in, but to attack the idea of any return to a gold-connected monetary system.
I have a new post on the Northwood University blog, “In Defense of Capitalism & Human Progress,” on the theme of “Return to the Gold Standard?”
I argue that not only is it necessary and worth the cost to restore a market-based commodity such as gold as an anchor to the monetary order, but that it would be desirable to do so in the wider context of ending monetary central planning and replacing it with private, competitive free banking.
Indeed, the heavy and manipulative hand of government will never be removed from the handle of the money printing press until there is a total separation of money from the State.