".... there is a way to bring about restraint. It is called the gold standard, and it is the only foolproof method of placing the government under fiscal discipline.
Under the gold standard all financial instruments -- including dollar notes and government securities -- must ultimately be backed by existing physical metal. At today's prices, America's national debt would roughly translate into double all the gold ever mined. This should give a good idea of the excessiveness involved here. In any case, the gold standard would have made it impossible for the fiscal fix we are now in to come about."
[American Thinker]
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