The conclusion was surprising. He recommends equating the dollar to a fixed amount of gold (like a unit of measure) so that all federal reserve notes could be redeemed for this amount. He admits that this amounts to a gift to the banks, but he thinks it would be the least disruptive way to bring in sound money and eliminate the business cycle. He adopts a"forgive and forget" policy toward the banks, very uncharacteristic of him. I wonder how he would argue against those who oppose giving the gold in Fort Knox to the banks? How can he expect everyone to go along with his plan? Who has the right to decide what to do with the gold in the Federal vaults? Despite these open questions, I think this is a great book. Murray presents the theory as clearly as possible, and his analysis has moral and historical dimensions that make it original and profound.
Year Read: 1984
Libertarian Essays by Roy Halliday
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