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The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. this is not a defect of the gold standard; it is its main excellence.
-Ludwig Von Mises
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The Gold Standard Makes The Money's Purchasing

Ludwig Von Mises
The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. this is not a defect of the gold standard; it is its main excellence.
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Party Independent Ambition

More From Ludwig Von Mises

An underpaid man is a customer reduced in purchasing power. he cannot buy. business depression is caused by weakened purchasing power. purchasing power is weakened by uncertainty or insufficiency of income. the cure of business depression is through purchasing power, and the source of purchasing power is wages.
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To walk in money through the night crowd, protected by money, lulled by money, dulled by money, the crowd itself a money, the breath money, no least single object anywhere that is not money. money, money everywhere and still not enough! and then no money, or a little money, or less money, or more money but money always money. and if you have money, or you don't have money, it is the money that counts, and money makes money, but what makes money make money?
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The banker, therefore, is not so much primarily a middleman in the commodity "purchasing power" as a producer of this commodity. however, since all reserve funds and savings today usually flow to him, and the total demand for free purchasing power, whether existing or to be created, concentrates on him, he has either replaced private capitalists or become their agent; he has himself become the capitalist par excellence.
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The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. in the absence of the gold standard, there is no way to protect savings from confiscation through inflation. there is no safe store of value. deficit spending is simply a scheme for the hidden confiscation of wealth. gold stands in the way of this insidious process. it stands as a protector of property rights. if one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.
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A great man la an abstraction of some one excellence; but whoever fancies himself an abstraction of excellence, so far from being great, may be sure that he is a blockhead, equally ignorant of excellence or defect of himself or others.
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If the various groups in america had been less selfish and had permitted different representatives from the groups to travel into foreign countries, and broaden their own scope, and come back and educate the movements they represented, not only would this have made the groups to which they belonged more enlightened and more worldly in the international sense, but it also would have given the independent african states abroad a better understanding of the groups in the united states, and what they stand for, what they represent.
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