by Mike Gray

The supply of gold is governed by nature; it is not, like the supply of paper money, subject merely to the schemes of demagogues or the whims of politicians. Nobody ever thinks he has quite enough money. Once the idea is accepted that money is something whose supply is determined simply by the printing press, it becomes impossible for the politicians in power to resist the constant demands for further inflation. — Henry Hazlitt

In a 2004 article in The Freeman Online, Jude Blanchette summarized economist Hazlitt’s views on unwise banking practices and the value of money:

Hazlitt was well known for his views on monetary theory and specifically his advocacy of a gold standard. In its final, polished form, his case for the gold standard was profound and persuasive. What’s more, the clarity and precision of his work made the subject accessible to the intelligent public.

Nobody seems to believe Jefferson when he asserts that “paper is poverty.” The days of the “almighty dollar” are over, thanks to decades of self-inflicted monetary destruction.

A few of Henry Hazlitt’s books: Man vs. the Welfare State — Time Will Run Back (a novel) — The Inflation Crisis, and How to Resolve It — Economics in One Lesson.