“An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions. They seem to sense—perhaps more clearly and subtly than many consistent defenders of laissez-faire—that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.”

Gold and Economic Freedom http://www.constitution.org/mon/greenspan_gold.htm 1966 <br class="br">1950–60s

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Alan Greenspan51

13th Chairman of the Federal Reserve in the United States 1926

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“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

Gold and Economic Freedom http://www.constitution.org/mon/greenspan_gold.htm 1966 <br class="br">1950–60s

“If the world as a whole returned to the gold standard there would be such fluctuations in the value of gold that it would very soon prove impractical.
Today an international gold standard could only mean that a few countries would maintain a real gold standard. The other countries would hang on to the system through a gold exchange standard — where the currency isn't really redeemable in gold but the government attempts to keep a fixed rate between its currency and gold.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

“The orthodox doctrines of economics which were dominant in the last quarter of the nineteenth century had a clear message. They supported laisser faire, free trade, the gold standard, and the universally advantageous effects of the pursuit of profit by competitive private enterprise.”

Joan Robinson (1903–1983) English economist

Introduction, p. vii
Economic Heresies (1971)

“Her philosophy is carpe diem for herself and laissez faire for others.”

F. Scott Fitzgerald book This Side of Paradise

Source: This Side of Paradise

“If a big country like the United States did return to the gold standard, it would start a great deflation. Most likely the government couldn't stick to it for long. They'd switch the policy to some halfway measure like a gold exchange standard.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

“The principle of laissez-faire may be safely trusted to in some things but in many more it is wholly inapplicable; and to appeal to it on all occasions savors more of the policy of a parrot than of a statesman or a philosopher.”

John Ramsay McCulloch (1789–1864) Scottish economist, author and editor

John Ramsay McCulloch (1848; 156), cited in: Roderick Floud, et al. (2014), The Cambridge Economic History of Modern Britain, Volume 1. p. 363

“In truth, the gold standard is already a barbarous relic.”

John Maynard Keynes (1883–1946) British economist

A Tract on Monetary Reform (1923), p. 172
Context: Those who advocate the return to a gold standard do not always appreciate along what different lines our actual practice has been drifting. If we restore the gold standard, are we to return also to the pre-war conceptions of bank-rate, allowing the tides of gold to play what tricks they like with the internal price-level, and abandoning the attempt to moderate the disastrous influence of the credit-cycle on the stability of prices and employment? Or are we to continue and develop the experimental innovations of our present policy, ignoring the "bank ration" and, if necessary, allowing unmoved a piling up of gold reserves far beyond our requirements or their depletion far below them? In truth, the gold standard is already a barbarous relic.

“Brass shines as fair to the ignorant as gold to the goldsmiths.”

Elizabeth I of England (1533–1603) Queen regnant of England and Ireland from 17 November 1558 until 1603

Letter (1581).

“The phrase laissez-faire is not to be found in the works of Adam Smith, of Ricardo, or of Malthus. Even the idea is not present in a dogmatic form in any of these authors. Adam Smith, of course, was a Free Trader and an opponent of many eighteenth-century restrictions on trade. But his attitude towards the Navigation Acts and the usury laws shows that he was not dogmatic. Even his famous passage about 'the invisible hand' reflects the philosophy which we associate with Paley rather than the economic dogma of laissez-faire.”

John Maynard Keynes book Essays in Persuasion

Source: Essays in Persuasion (1931), The End of Laissez-faire (1926), Ch. 2

“But what's worth more than gold?"

"Practically everything. You, for example. Gold is heavy. Your weight in gold is not very much gold at all. Aren't you worth more than that?”

Terry Pratchett book Making Money

Source: Making Money

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Alan Greenspan51

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