Since these essays on the gold standard were published my view has changed on one issue of some importance. I am much more sympathetic now than I was when I wrote my essay on “The Gold Standard: An Analysis of Some Recent Proposals” (Chapter 14) to the parallel private gold standard proposed independently by Professor Richard Timberlake and Henry Hazlitt. Their respective proposals now strike me as the most feasible route forward to sound money, because I have become much more skeptical about whether the U.S., or any other, government can competently and honestly manage a transition to a genuine gold standard.
Salerno and the Transition to Sound Money
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