Nathan Lewis,

Gold: The Once and

Future Money


The Gold Standard: How Britain Made Itself — And The World — Rich

From 1880 to 1914, British  exports of goods and services  averaged around 30 percent of  national income, a stupendous  figure. Britain had made itself  rich; now it was setting about  making the entire world rich. This was made possible, of course, by the world gold standard centered around London and the Bank of England. Investors, importers,  and exporters did not have to worry about foreign exchange  fluctuations; tariffs within the  empire were low; and Britain's  legal system, which it exported  to its colonies, reduced the  legal and political  uncertainties. The Bank of England's commitment to the  gold standard was unwavering,  and as a result it was able to  hold together the world gold  standard with only a pittance of  gold in reserves.  ... For decade  after decade, hard money  stayed hard; exchange rates  stayed fixed; interest rates  remained low; and gold  remained the basis of it all.

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In Search Of History

The Fed vs. the Middle Class

With interest rates flattened [by the Federal Reserve], government zeroes out the future. Abandoned were 80 percent of private defined-benefit pension plans. Public plans faced a similar evisceration in the future. With no acknowledgement, the U.S. government had casually dispossessed the American middle class of its retirement assets and pushed millions of Americans into acute dependency on government programs. ... Government dependency negated the American dream.

-- George Gilder ,

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