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A Reisman Must-Read

Professor of economics George Reisman has penned a must-read article about the credit crunch. It is long but absolutely worth your time. Plus, he once again makes the case for gold:

Despite the certainty that a proposal of this kind will be almost completely ignored and has virtually no chance of being enacted in the foreseeable future, it still must be made. This is because the most fundamental and important consideration is not what people are willing to accept or reject at the moment but what would in fact accomplish the objectives that need to be accomplished. Using gold as a major asset of the banking system, in the way set forth below, would in fact safeguard the banking system from possible deflationary collapse, prevent the recurrence of any such threat, and do so in a way that substantially advanced the cause of economic freedom. Making the proposal is necessary in order to uphold the philosophy of economic freedom, by providing a demonstration that that philosophy offers the solution to the growing monetary problems we face and is not their cause.

Go. Read it. Now.

The article is more valuable for its explanation of how we got into the current mess than for its short call for a gold standard. You can find a much more detailed elaboration of that in Reisman's book, Capitalism.


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