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The New Gold Standard
Rediscovering the Power of Gold to Protect and Grow Wealth
Paul Nathan (Author), Donald Luskin (Foreword by)
9781118043226, Wiley
Hardback, published 10 June 2011
224 pages
23.6 x 16 x 2 cm, 0.404 kg
The guide to returning to a gold standard All that glitters is gold and gold has never glittered so much as it has in the last decade, reaching staggering new prices in recent years. The definitive modern argument to returning to a gold standard, The New Gold Standard succinctly and clearly explains the nature of sound money, the causes and cures of inflation and deflation, the importance of fiscal responsibility within a sound monetary system, and the reasons for recessions and depressions. As long as governments continue to print money and deficits continue to rise, gold will be a hot commodity. As inflation creeps up, more and more talk will turn to returning to some version of the gold standard, and The New Gold Standard is the first major work to explicitly address the challenges and benefits of such a move.
Foreword xiii Preface xvii Part I: Gold and the Domestic Economy Chapter 1 Why Gold? 3 Gold: The King of Metals 4 Gold Becomes the Standard of the World 5 Too Little Gold—Or Too Much Paper? 6 The “Gold Prevents Prosperity” Myth 8 In Gold We Trust 10 Chapter 2 The Gold Standard: A Standard for Freedom 13 What Money Is 15 .AndWhat Money Is Not 18 The Nature of Inflation 20 The Fiat Standard at Work 22 The Illusion of Prosperity 23 The Meaning of the Gold Standard 25 Chapter 3 Why Prices Have Not Skyrocketed 27 On Human Action 28 Quantity versus Values 31 The Quantity of Money and the Gold Standard 32 Too Little Fiscal Responsibility Chasing Too Many Politicians 33 Chapter 4 The Inflation/Deflation Conundrum 35 The Cause of the Recent Spike in Commodities 38 Chapter 5 Central Banking in the Twenty-First Century 41 The Rise of Populism 42 A World in Transition 45 The Fed of the Twenty-First Century 48 Part II: The International Gold Standard Chapter 6 The Making of an International Monetary Crisis 55 Monetary Theory: Past 57 No Curb on Governments 58 The Policy Makers 59 The Process of Confusion 60 Condemnation of Gold 61 Evolution of the Theory 62 Fractional Reserve Banking 63 The Great Depression 65 Devaluation in 1934 66 Bretton Woods 67 The Theory Projected 67 “If at First You Don’t Succeed .” 69 The SDR: As Good as Gold Again! 70 Debt Amortization or Default: The False Alternative 71 The Frightening Prospect of an International Debt 72 Toward an International Fiat Reserve System 74 Simply Repetitious 75 The Real Meaning of Monetary Reform 75 Chapter 7 The Death of Bretton Woods: A History Lesson 79 Fixed Exchange Rates, Flexible Rules 80 Export or Devalue: Institutionalizing the Devaluation Bias 82 “Hot Money” Blues 84 The Role of the Dollar under Bretton Woods 85 Limited Gold—Unlimited Dollars: A Formula for Disaster 86 Confidence versus Liquidity—A Two-Tier Tale 87 Gold’s Limitations: A Blessing in Disguise 87 U.S. Balance of Payments Problems 89 The First Straw 89 On Selling One’s Cake and Wanting It Too 89 The Illusion of the Last Straw 90 The High Price of Gifts 91 On Domestic Dreams and International Nightmares 92 Chapter 8 Who’s Protected by Protectionism? 95 A Few Principles 97 Enter Protectionism 98 Trade between Nations 99 To Protect the Balance of Trade 100 To Protect Domestic Markets 102 To Protect Domestic Wages 102 Protectionism: The Greatest Threat to Prosperity 104 The U.S. Balance of Payments Problem in Perspective 106 The Protection Racket 106 Part III: Returning to a Gold Standard Chapter 9 Are the Fiat and the Gold Standards Converging? 111 A Monetary System Needs to Know Its Limitations 113 Reduced Leverage Equals Reduced Speculation 115 The Process of Convergence 116 A New Day 118 Chapter 10 Gold: The New Money 121 Rediscovering Gold 123 The International “Walk” on Gold 124 Competing Monies 125 Chapter 11 How Not to Advocate a Gold Standard 129 The Intrinsic Worth Argument 130 The Store of Value Argument 131 Gold Price Predictions 132 The Legal Tender Argument 133 The Official Price of Gold Fetish 134 The Devaluation Syndrome 137 The Stop Printing Money Argument 139 The Demonetization Threat 140 On Context, Cause, and Effect 142 Part IV: Investing in Gold Chapter 12 Lessons of a Life-Long Gold Investor 147 On Trading 151 The Rules of the Game 152 When to Be Flexible 154 And When to Stick to Your Guns 156 On Investing 157 Shakeouts 160 Turning a Disadvantage into an Advantage 163 On Leverage 164 When to Sell a Stock 167 “Be Afraid. Be Very, Very, Afraid ” 168 How to Own Gold 170 Chapter 13 My Final Word on Gold 173 On Bretton Woods II 173 The New SDR Threat 175 On QE 2 178 The Banking System of a Free Society 181 In Conclusion 183 Recommended Reading 185 Bibliography 189 About the Author 191 Index 197
Subject Areas: Economics [KC]
