Why? Presumably, because they have power and influence, and one never finds conservatives lacking these days when it comes to toadying the power. Numerous right-wingers who should know better yet continue to fawn upon Milton Friedman and his Chicagoites. The gold standard has died from desertion of its cause by the right-wing and its economists. But now the gold standard economists have almost all died out and been replaced by the glib, technically expert Chicagoites, to a man scoffers at gold and simple-minded endorsers of fiat paper. Twenty years ago, almost all conservative, or free-market oriented, economists, favored a return to the gold standard and the elimination of fiat paper. Not only is this system of the State’s having absolute control of our money been accepted by Establishment economists it has been just as warmly endorsed by the powerful “Chicago” branch of free-market economists. Yet this is the accepted monetary system of today. But if paper tickets are to be money, and the State is to have the sole power to issue these virtually costless tickets, then we are all at the mercy of this gang of legalized, sovereign counterfeiters. Gold cannot be produced very easily it must be dug laboriously out of the ground. Gold has been replaced, at the dictate of the State, by fiat paper – by pieces of paper issued and imprinted by the government.
FIRST NATIONAL BANK OF MONTGOMERY V JEROME DALY FREE
For gold (as well as silver) is the People’s Money it is a valuable commodity that has developed, on the free market, as the monetary means of exchange. The idea prevails that to favor gold or silver money is to be a mossback reactionary nothing could be further from the truth. “Revolution in Minnesota,” The Libertarian Forum, August 1, 1969.