Monetary Reform: What needs to be done

Monetary Reform: What needs to be done

Jere L Hough

Refuting the “Gold Standard” Proposals:

Gold is NOT money!!

Once people accept the compelling premise that our dysfunctional monetary systems need to be reformed, the most popular solution, by far, is the cry for a return to the gold, or gold and silver, or some other precious metal base, like platinum.  The case for doing so is SO flawed that it is an instance of “the cure being worse than the disease”.

This essay will be an examination of the solutions to the monetary crisis, which is in turn leading to an economic catastrophe, or series of disasters the likes of which our world has never previously experienced.  Excellent books, videos, websites, and articles have more or less accurately outlined or detailed how we, the people, were suckered into the high stakes confidence game that got us in this predicament.

The biggest question, or issue to be determined now, as in the past 230 years, is this one:

Should money be created, issued and regulated by public or private entities?

This is the “mother” of all controversies surrounding the history of money, and reaches back as far as can be traced.  My investigation has revealed that there has been a massive campaign of misinformation and negative anti-government propaganda that reaches back to Colonial America, and even further back into European history.  It’s the story of how private bankers became the central bankers to the Monarchs of Europe as well as financiers of many of the revolutions against those Monarchies, including those by Napoleon and the Bolsheviks.  In the USA the struggle for private Vs public money creation began with the colonial governments, the money exploitation by King George leading up to the American Revolution, the Continental Congress and the drafting of the Constitution.  The two sides were epitomized by the ideas of Jefferson, Franklin, Paine, and Madison versus Hamilton, and the private Bank of England model.   Over time Hamilton and the Bank of England vision prevailed, even though we give much philosophical lip service to Jeffersonian ideals. Continue reading