The 19th century, which is commonly regarded as the gold standard, was not a true gold standard, it had a large fiduciary content -- about 60 percent of the paper was not backed by gold. It varied from time to time, but let's say on an average 50 percent of the circulating paper was unbacked by gold. That's not a gold standard, that's a paper standard. That was a far better system than we have today, but nevertheless it's not a gold standard. So we are not advocating going back to anything, we are advocating going forward to an unadulterated gold standard.


I first wrote about this in October of 2008, about what I saw as an ideal situation for the separation of the state from money. First there was the step to separate the state from church, a very good thing, and the next step will be the separation of the state from money. I actually think that we are upon that point. In this current crisis it looks very real to me that this will be the outcome.

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