Had the United States followed the recommendations of this wonderful report when it came out in 1982, there would have been no housing bubble, no gigantic government debt, no depression, no economic upheaval, no high unemployment, and no international turmoil. This was a window of opportunity for reform. This is proof that Ron was right.
In 1982, Ron Paul served on the US Gold Commission to evaluate the role of gold in the monetary system. In fact, the commission was his idea. It was carrying forth a promise made in the Republican platform.
Ron couldn't pick the members, so from the beginning the deck was stacked. The majority was dominated by monetarists, who saw gold as too scarce and paper as just fine. Ron Paul's team was ready, however, with this marvelous minority report.
Rarely has a dissent on a government commission done so much good!
The result was The Case for Gold, and it was the greatest result of the commission. It covers the history of gold in the United States, argues that its breakdown was caused by governments, and explains the merit of having sound money: prices reflect market realities, government stays in check, and the people retain their freedom.
The scholarship and rigor impressed even the critics of the minority. Ron and Lewis Lehrman worked with a team of economists that included Murray Rothbard, so it is hardly surprising that such a book would result.
It still holds up as an excellent blueprint for moving beyond paper money and into the age of sound money. In particular, Ron favors complete monetary freedom to use any commodity as money, to make contracts in any money, and an end to the monopolization and printing power of the Federal Reserve.
There is a strong piece of history in this book. Not since the 19th century has a political figure made such a sweeping and devastating case for radical monetary reform. This congressman ran circles around even the experts at the Fed. A dazzling performance indeed, and an inspiring and learned book.