There is no limit to the follies that a legislature engages in. The British Parliament at one point passed resolutions declaring that the Sovereign could make the coinage contain any weight of gold he chose and that the price of gold and the foreign exchange rate would then in no way depend on the weight. The U.S. government and the Federal Reserve have been engaging in a similar fantasy for 95 years. Meanwhile the dollar has depreciated some 97.5 percent against gold. There is no Congress in which follies of this magnitude are not solemnly committed to paper and promulgated … Continue reading The coming Congressional follies