Gold, Peace, and Prosperity

The Birth of a New Currency

Ron Paul

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The Stage Is Set

GPP.8.1		With the death of the dollar, the time is ripe for the institution of a trustworthy monetary system.  The times demand it, and so does the survival of our economic and political order.
GPP.8.2		The task is not difficult, if we ignore—for once—the political pressures from the special interests whose demands are fulfilled through inflation of the money supply.  Inflation, whether for the benefit of big companies, bankers, bureaucrats, monopoly wages, transfer payments, or political careers, must be ended.  And, as Henry Hazlitt points out, the solution is not difficult:  “To stop inflation we must stop inflating (the money supply).”X

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^X A.S.P. — The actual quote goes as follows:  “The cure for inflation, like most cures, consists chiefly in removal of the cause.  The cause of inflation is the increase of money and credit.  The cure is to stop increasing money and credit.  The cure for inflation, in brief, is to stop inflating.  It is as simple as that.”  See Henry Hazlitt, What You Should Know About Inflation 2nd ed. (Princeton, New Jersey: D. Van Nostrand Company, Inc., 1965), p. 15.

Copyright © 1981 by the Foundation for Rational Economics and Education, Inc., Post Office Box 1776, Lake Jackson, Texas 77566.

Permission to quote from, or to reproduce liberal portions of, this publication is granted, provided due acknowledgement is made.

Printed in the United States of America.

Photographs courtesy of the Chase Manhattan Archives.

Second printing.