I’m reading Cra$hmaker, a two-volume +1,000 page book about a plan to take down the Federal Reserve and restore the gold standard. It’s filled with top notch discourse on constitutional law, economics, politics, history, religion, literature, and philosophy. Here’s one of the many interesting quotes about a gold standard.
A gold standard’s good for all nations because it integrates their economies in a world market, eliminates the rivalries, antagonisms, and exploitations from competitive inflations of national paper currencies. But the Establishment in the United States wants no gold standard, at home or abroad. Return to a gold standard would undermine the Establishment’s domestic dominance. Inflationism, credit expansion by central banks, and monetization of debt could no longer buy political power by redistributing wealth. And return to a gold standard would end the role of the Federal-Reserve paper dollar as the world’s reserve currency. This would prevent the Establishment from exporting domestic inflation to other countries. Thus, restoration of a gold standard in the United States would curtail political corruption by the Federal Reserve at home and end its imperialism abroad.
This quote comes from a speech an incendiary academic gives to an economic conference which the protagonists of the book are attending. The academic is advocating that Russia’s chance at salvation and return to power lies in instituting a gold-standard in partnership with Germany.
I chose to type up the above quote because I think it’s quite interesting to me that Russia and China have recently suggested a new global reserve currency to replace the dollar. However, they only seem to be advocating a bundle of fiat currencies and not something based on hard, physical assets.
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