This is the LvMI 2nd Edition! Pocket sized 5" x 7" and with a new foreword by Llewellyn H. Rockwell, Jr.
Here is the revolutionary book on monetary reform - brilliant, compelling, clear, with specific reforms to do now - in an edition for global distribution. See the price. And the format is really a pocket edition edition: extremely small format that is super convenient. This edition is specifically designed to be purchased in large quantities.
Had the U.S. 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 U.S. 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. Back then, Republicans at least made noises about favoring a gold standard based on a gold dollar.
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, explains 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 recommendations include re-establishing a gold standard and a gold dollar in addition to permitting monetary competition and the private production of moneys.
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. This remains the best possible case for a gold dollar and monetary freedom in print in our times.
The pocket edition is the ideal format to give this book the attention and influence it deserves.
Forward by Lew Rockwell
This country had the chance to avoid the disastrous meltdown of 2008 and following, the one that has led to the nationalization of industries, the creation of oceans of paper money, and the destruction of so many American dreams. The answer that might have been is the one you hold in your hands: the minority report of the U.S. Gold Commission of 1982, written by Ron Paul and signed by Lewis E. Lehrman. It provides an outstanding history, wonderful theoretical analytics, and a proposal for the return of sound money, which is gold.
Alas, it was the minority report and therefore killed by political forces. Of course, the fix was in from the beginning. The Commission only came to exist in the first place as payoff to certain "goldbugs" in the Republican Party in the those years. Ronald Reagan was one of them. So his influence was part of the reason the Commission was created. But it wasn't created to institute a gold standard. It was created to bury the idea once and for all.
Ron Paul wouldn't let it happen. The result was this book, which remains a mighty case for sound money and the blessings that change would bring to this country. A gold currency would restore economic stability and growth. It would eliminate unemployment. It would force government to spend only what it can collect in taxes. It would rein in the welfare state and the warfare state. It would give the people control of money again. It would restore what we used to call freedom, which is a core of social and civic life that is impenetrable and inaccessible to government planners.
With a gold standard, the Fed could disappear. The banking industry would become an industry like any other, subject to the profit and loss test and given no guaranteed bailouts at taxpayer expense. The financial industry would be forced to surrender its love of socialism (for losses, not gains) and become honest again. We would all start living within our means and thriving off private wealth rather than depending on the public sector to save us.
Trade with other nations would benefit. Protectionist wars rooted in currency manipulation would cease. Policy options in Washington would be mercifully restricted to only what Washington could afford to do and afford to enforce. Vast swaths of the public sector as we know it would have to just pack up and go home. This would be the greatest blessing visited on this country in a century. But can you see why Washington isn't interested? It has nothing to do with disagreements over economic theory. It is all about who has power in society. Paper money gives power to tyrants. Sound money, that is gold, gives power to the people and the free markets they control.
So, yes, we should have listen to Ron in 1982. The thing is that he — wisely and bravely — never stopped talking about this issue. It turns out that this book, this minority report, is the work of a prophet. It tells the truth and shows the way. It should be our manifesto again. This timeless statement on behalf of economic truth can be our guide.
They didn't listen then. But maybe they'll listen now. We need monetary freedom more than anything else. The way digital markets are advancing, it might come about with or without Washington's permission. As Ron has always known, paper money cannot last. Either it has to go, or the American dream has to go. They cannot forever live side by side.
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