Fiat currency solution

The only solution is to allow the volume of money to be determined entirely by free-market forces.

There is no reason to expect that the next generation, once given a drink of the heady wine of fiat money, will somehow regain civic sobriety and do what is best for their fellow human beings.

It won't happen. Saying that we must force Congress to regain control over the Fed and make it behave is to call for something that is contrary to human nature, logic, and history.

As long as bankers (and their elites) have the power to create money at their discretion, then THEY are the ones who will be controlling Congress, not the other way around.

Any solution to our present problems based on the fantasy of giving men power over the money supply and then expecting them to exercise that power wisely is, nothing more than a fantasy to me.

Formulas are designed to be manipulated. That's why they are created. Therefore, monetary formulas, even those based on population, always will be manipulated by clowns… or scholars.

Money based on anything that requires human effort to produce automatically keeps pace with the size of the population.

It requires no management by authority. It happens because, when prices start to rise, the value of money increases and, as the value of money increases, free men will turn to the production of whatever it is that people have chosen to accept as money.

As that happens, the supply of money increases also, and its value drops back to that equilibrium point where it was in the beginning. That's the nature of supply-and-demand, and it is why monetary systems based on gold or silver historically have had incredibly stable purchasing power over hundreds of years, even during periods of increasing population.

Inflation, the great destroyer of prosperous nations, is impossible when money is based on its own measurable composition, such as weight and purity, and is not burdened by any other formula.

Hard-wired is a great goal, but achievable only in the sense of establishing a definition for the nation's unit of monetary value; in other words, to set its weight and measure.

Gold and silver once were hard wired into the Constitution -- until clowns and scholars cut the wires. The only way to prevent clowns and scholars from destroying a nation's money is, not to decide which of them will be given power to write (and alter) the formulas that determine the money supply, but to deny such power to all of them.

Constitutional weights and measures (pounds, inches, dollars, etc.) serve no beneficial purpose if they are constantly adjusted to accommodate expanding populations or agricultural seasons or employment quotas or economic cycles.

Their function is to establish a reliable standard that is constant through all such changes. Once a monetary standard is set (for example, $1 = 1 oz of .999 silver), then we should step back, get our intellectual egos out of the way, and just let the miracle of a free market happen.

Three-hundred and thirty five million people, each making scores of decisions every day, interactively effecting supply and demand for all goods and services, will produce a far more equitable and beneficial outcome than any committee of wise men -- or crooks posing as wise men -- ever could.

That's not only the simplest formula but it's the only one that will work… I believe.