Ron Paul ? the leading champion of sound money in the Congress ? explains here why sound money means a new gold standard. Writing in the clearest possible terms, Paul explains 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 protected against manipulation by government and central bankers. Part of that strategy is the minting of a new gold dollar, but the more far-reaching plan involves a redefinition of the dollar and complete monetary competition. Written in 1981, this monograph has been in wide distribution ever since. Henry Hazlitt provides the foreword, and Murray Rothbard the preface.
David D. Friedman
Robert P. Murphy