This will be brief, appropriate to the topic at hand. It consists of a quote from Milton Friedman, found in Joseph Salerno’s outstanding book, Money, Sound and Unsound, p. 366:
If a domestic money consists of a commodity, [such as] a pure gold standard or cowrie bead standard, the principles of monetary policy are very simple. There aren’t any. The commodity money takes care of itself. [emphasis added] Imagine that. If we have sound money we don’t need the Fed. Or Congress. We just need sound money.
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