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Keith Weiner

Why is the Gold Standard Urgent?

Keith Weiner

After President Nixon's gold default in 1971, many people advocated a return to the gold standard. One argument has been repeated: consumer prices are rising. While this is true, it wasn't compelling in the 1970's and it certainly doesn't fire people up today. Rising prices—what most people think of as inflation—is a dead-end, politically. People care about rising prices, but not that much.

There is a greater danger to fixating on this one argument. What if you make a really bad prediction? The Fed did massively increase the money supply in response to the crisis of 2008. Many gold advocates predicted skyrocketing prices—even hyperinflation. Obviously, this has failed to materialize so far.

We Need a Declaration of Monetary Independence

Keith Weiner

This article originally appeared in Forbes here.

Keith makes the case for using gold as money.

Voting is one of the most sacred rights of free people. Without the vote, we are prey to any tin-pot tyrant to come along. He can rule without a care for our property and lives, seeking only to loot the people for his own ends.

By 1776, the tyranny of King George had become intolerable, and the Founders wrote the Declaration of Independence. This statement of principles emphasized the "consent of the governed" and the "right of Representation in the Legislature". Men fought for these principles. Men died for them.

Legal Tender Forces Gold Out

Keith Weiner

Keith Weiner is founder of the Gold Standard Institute USA in Phoenix, Arizona, and CEO of precious metals fund manager Monetary Metals. He created DiamondWare, a technology company which I sold to Nortel Networks in 2008.

The government has many ways of forcing us to use their paper dollar as money. The tax on capital gains on gold is one bullet in their gun. The legal tender law—U.S. Code Title 31 §5103—is another. As with the tax, legal tender does not outright force anyone. It works by a subtler mechanism.