Ron Paul has been the leading champion of sound money in the Congress. Here he explains why sound money means a new gold standard.

The monograph is written in the clearest possible terms with the goal of explaining the basics of paper money and its effects of inflation, business cycles, and government growth. He maps out a plan to bring about a dollar that is as good as gold, one that would be protected against manipulation by government and central bankers. Part of that strategy is the minting of a new gold one but the more far-reaching plan involves a redefinition of the dollar and complete monetary competition.

This monograph first appeared in 1981, and it has been in wide distribution ever since. Henry Hazlitt writes the introduction, and Murray Rothbard writes the preface. (Amazon.com)

Foreword:

In this short pamphlet, Congressman Ron Paul has written one of the most enlightening explanations of inflation that I have ever read. It is both a history and an analysis. That history goes back further than our Revolutionary War, but as a continuous narrative it begins, as it should, in 1913 and 1914.

In the first of those years the United States passed the Federal Reserve Act, which in addition to providing only a fractional gold cover for Federal Reserve notes and deposits, made it possible for the commercial banks to borrow from the newly created Federal Reserve Banks. They could thus increase their own loans, and therefore the "money supply" they could bring into being. This made inflation possible; but this fact was not generally recognized as long as gold convertibility of the outstanding paper currency was maintained.

But I do not wash to trench here on Dr. Paul's excellent account. When he comes to analysis, he shows that inflation is always the result of an increase in the money supply, either encouraged or initiated by government action. He not only7 points out that this money supply increase must be halted if we are to escape even greater economic devastation, but he makes clear why we are altogether unlikely to halt the increase until we return once more to a real gold standard.

One of the great merits of Congressman Paul's account is that it avoids all technicalities, and enables the reader to recognize step by step what has happened to us and how we can return to monetary and economic sanity.

Henry Hazlitt

Download Gold, Peace, and Prosperity: The Birth of a New Currency

PDF format, 3.8MB, 56Pages, provided by Mises.org.

Gold, Peace, and Prosperity Audio Book:

Professor Floy Lilley reads the first part of Ron Paul's important monograph, "Gold, Peace, and Prosperity: The Birth of a New Currency."

This audiobook is also available for download in MP3 audio format at
http://mises.org/multimedia/mp3/audiobooks/GoldPeaceProsperity.mp3.

Youtube Video:

Ron Paul has been the leading champion of sound money in Congress. Here he explains why sound money means a new gold standard.

This monograph is written in the clearest possible terms with the goal of explaining the basics of paper money and its effects of inflation, business cycles, and government growth.

He maps out a plan to bring about a dollar that is as good as gold, one that would be protected against manipulation by government and central bankers.

This monograph first appeared in 1981, and it has been in wide distribution ever since.

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