Gold Standard

From: Jon Trollston
Sent: Wednesday, February 12, 2020 12:05 AM
To: wblock@loyno.edu
Subject: Digital currencies with commodity backings

Hello mr Block, I am a fan, and i was wondering if you could point me towards a direction or if you have any insights as to how we could create a currency which the end user could use, akin to bitcoin but it would have backing by a commodity, to solve the issue of transacting with physical commodities over the internet. I don’t know if this makes sense. Just curious how it would play out.

Dear Jon:

This sounds like the gold standard to me.

Bagus, 2011; Block, 1999; Block and Barnett, 2008;  de Soto, 2006; Ebeling, 2000; Greaves, 1995. Hazlitt, 1965, 1980; Herbener, 2002; Hulsmann, 1998, 2008; Kaza, 1996; Laffer and Kadlec, 1981; Leconte, 2003; Mises, 1952, 1981; Mundell, 1981; Murphy, 2010; North, 1986; Paul, 1985; Rader, 1980; Reisman, 1996, 2000; Rothbard, 1962, 1994; Selgin, 2015; Sennholz, 1975, 1979, 1985; Siegel, 1984, Vieira, 2002

Bagus, Philipp. 2011. “Will There Be QE3, QE4, QE5…?” January 4; https://www.lewrockwell.com/orig10/bagus2.1.1.html

Block, Walter E. 1999. “The Gold Standard: A Critique of Friedman, Mundell, Hayek, Greenspan,” Managerial Finance, Vol. 25, No. 5, pp. 15-33; http://giorgio.emeraldinsight.com/Insight/viewContainer.do?containerType=Issue&containerId=13529http://www.mises.org/etexts/goldcritique.pdf

Block, Walter E. and William Barnett II. 2008. “Going (back) to gold money with no government gold: blood in the streets?” Indian Journal of Economics & Business, Vol. 7, No. 2, pp. 185-193; http://www.ijeb.com/Year2008_Dec.htm

de Soto, Jesus Huerta. 2006. Money, Bank Credit, and Economic Cycles, translated by Melinda A. Stroup, ch. 9; Auburn, AL: Ludwig von Mises Institute; http://www.mises.org/books/desoto.pdf

Ebeling, Richard M., ed. 2000.  “Selected Writings of Ludwig von Mises,” Vol. 3: ‘The Political Economy of International Reform and Reconstruction,’ (Indianapolis, IN: Liberty Fund)  Ch 6: “A Non-Inflationary Proposal for Postwar Monetary Reconstruction,” pp. 71-118

Greaves, Bettina Bien. 1995. “How to Return to the Gold Standard.” The Freeman: Ideas on Liberty; Vol. 45, No. 11, November; http://www.fee.org/publications/the-freeman/article.asp?aid=4848

Hazlitt, Henry. 1965. “Back to Gold?” The Freeman: Ideas on Liberty, Vol. 15, No.  10, October; http://www.fee.org/publications/the-freeman/article.asp?aid=7670

Hazlitt, Henry. 1980. “How to Return to Gold?” The Freeman: Ideas on Liberty, Vol. 30, No.  9, September; http://www.fee.org/publications/the-freeman/article.asp?aid=458

Herbener, Jeffrey M. 2002. “After the Age of Inflation: Austrian Proposals for Monetary Reform,” The Quarterly Journal of Austrian Economics, Vol. 5, No. 4, Winter: 5-19.

Hulsmann, Guido. 1998. “Liberale Währungsreform — ein Entwurf,” [An Outline of Currency Reform According to Market Principles]  eigentümlich frei, Nr. 4, pp. 110-115; http://www.mises.de/texte/huelsmann/Geldreform.html

Hülsmann, J. G. 2008. The Ethics of Money Production; Ludwig von Mises Institute, Auburn AL.

Kaza, Greg. 1996. “Is There a Case for the Gold Standard?”  The Intercollegiate Review. http://www.mmisi.org/ir/32_01/kaza.pdf

Laffer, Arthur, and Charles Kadlec. 1981. “The Point of Linking the Dollar to Gold.” Wall Street Journal, October 13.

Leconte, Pierre. 2003. La tragédie monétaire, 2nd ed., Paris: François-Xavier de Guibert

Mises, Ludwig. 1952. Epilogue to The Theory of Money and Credit , “The United States’ Return to a Sound Currency.”

Mises, Ludwig von. 1981. The Theory of Money and Credit, Indianapolis: LibertyPress/LibertyClassics, ch. 23.

Mundell, Robert. 1981. “Gold Would Serve into the 21st Century.” Wall Street Journal, September 30.

Murphy, Robert P. 2010. “Gold: The Market’s Global Currency.” November 11;

http://mises.org/daily/4841

North, Gary. 1986. Honest Money: Biblical Principles of Money and Banking, chaps 11-13

Paul, Ron.  1985. “The Political and Economic Agenda for a Real Gold Standard,” delivered at the Mises Institute’s 1985 conference on the gold standard; final chapter in The Gold Standard: Perspectives in the Austrian School: http://www.mises.org/books/goldstandard.pdf;

http://www.mises.org/story/2826

Rader, Randall R. 1980. “Remonetizing Gold, Again.” The Freeman: Ideas on Liberty. Vol. 30, No. 8, September; http://www.fee.org/publications/the-freeman/article.asp?aid=461

Reisman, George. 1996. Capitalism. Ottawa, Il.: Jameson Books, pp. 951-963

Reisman, George. 2000. “The Goal of Monetary Reform,” The quarterly journal of Austrian economics VOL. 3, NO. 3 (FALL): 3–18

Rothbard, Murray N. 1962. “The Case for a 100 Percent Gold Dollar,” In Search of a Monetary Constitution, Leland B. Yeager, ed., Cambridge, MA: Harvard University Press, pp. 94-136, and Auburn, AL: Ludwig von Mises Institute, 1991. See also “The Logic of Action One” pp. 364-384; http://mises.org/story/1829http://mises.org/rothbard/100percent.pdf

Rothbard, Murray N. 1994. The Case Against the Fed.  Auburn, AL: The Ludwig von Mises Institute; http://mises.org/books/fed.pdf

Selgin, George. “Ten Things Every Economist Should Know about the Gold Standard.” June 4; http://www.alt-m.org/2015/06/04/ten-things-every-economist-should-know-about-the-gold-standard-2/

Sennholz, Hans, ed. 1975. The Luster of Gold. Westport, Conn.: Greenwood Press, part IV

Sennholz, Hans. 1979. Age of Inflation, Western Islands; chap. VI

Sennholz, Hans. 1985. Money and Freedom, Spring Mills, Penn.: Libertarian Press, chap. 8

Siegel, Barry, ed. 1984. Money in Crisis: The Federal Reserve, The Economy, and Monetary Reform. San Francisco: Pacific Institute.  (See papers by Bordo, Weintraub, Reynold, Hayek and Robert Hall)

Vieira, Edwin. 2002. Pieces of Eight, 2nd ed., Fredericksburg, VA: Sheridan

Paul, Ron and Lehrman, Lewis. 1982.U.S. Gold Commission (September). The Case for Gold: A Minority Report of the U.S. Gold Commission. Washington, DC: Cato Institute (2d ed. Ludwig von Mises Institute, 2007). |

Block, Walter E. and William Barnett II. 2008. “Going (back) to gold money with no government gold: blood in the streets?” Indian Journal of Economics & Business, Vol. 7, No. 2, pp. 185-193; http://www.ijeb.com/Year2008_Dec.htm

Howden, David. 2008, ‘Stability of Gold Standard and its Selected Consequences: A Comment’, Procesos de Mercado: Revista Europea de Economía Política 5(1), 159-175.

Hans Sennholz, Hans. 1975. Gold is Money. Greenwood Press, Westport, Connecticut

Melchior Palyi, The Twilight of Gold 1914-1936: Myths and Realities.

Block, Walter E. 1999. “The Gold Standard: A Critique of Friedman, Mundell, Hayek, Greenspan,” Managerial Finance, Vol. 25, No. 5, pp. 15-33; http://giorgio.emeraldinsight.com/Insight/viewContainer.do?containerType=Issue&containerId=13529http://www.mises.org/etexts/goldcritique.pdf

Best regards,

Walter

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3:10 am on May 3, 2020