Sunday, February 01, 2009

Beck invokes Jefferson on the benefit of Sound Money

While checking out the Campaign for Liberty I stumbled across this four minute Youtube of Glenn Beck explaining the very real danger of fiat money:

I recommend the video. Beck does a good job of explaining the problem with the Bernanke / Geithner world of fiat money - a world in which money grows on trees.

And for further explanation... Alan Greenspan explained the problems, and historical realities, of fiat money in 2007:

Some mechanism has got to be in place that restricts the amount of money which is produced - either a gold standard or currency board or something of that nature - because unless you do that all of history suggests that inflation will take hold with very deleterious effects on economic activity.

And in 1966 Alan Greenspan had further elaborated on why we need to end our experiment with fiat money and return to sound money.

Tim White

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