More and more journalists and economists are calling for a return to “sound money.” Joseph Salerno’s new book provides a rigorous examination of what sound money really means. FULL ARTICLE by John P. Cochran
Source link: http://archive.mises.org/14958/the-current-crisis-money-sound-and-unsound/
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There is hope: More Than Half of Americans Want Fed Reined In or Abolished http://www.businessweek.com/news/2010-12-09/more-than-half-of-americans-want-fed-reined-in-or-abolished.html
“Americans across the political spectrum say the Fed shouldn’t retain its current structure of independence. Asked if the central bank should be more accountable to Congress, left independent or abolished entirely, 39 percent said it should be held more accountable and 16 percent that it should be abolished. Only 37 percent favor the status quo.
“In a previous poll, conducted Oct. 7-10, 35 percent of Americans said the Fed should be radically overhauled, while 8 percent said it should be abolished.”
Hayek, in his proposals to denationalize money, is absolutely correct in that money needs to be separated from the state. However, as Rothbard pointed out in an essay, “The Case for a Genuine Gold Dollar,” that was published in 1985 (http://mises.org/books/goldstandard.pdf), “Hayek and his followers have failed completely to absorb the lesson of Ludwig von Mises’ ‘regression theorem,’ one of the most important theorems in monetary economics.” As Rothbard explains in this essay, if any proposal to reform the monetary framework is to be successful, it must incorporate the lessons and implications of Mises’s regression theorem.
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