The True Gold Standard (Second Edition)
It is an extraordinary privilege to present this exclusive interview with Lewis E. Lehrman, in 21 installments, of which this is the sixteenth.
Lewis E. Lehrman has written widely about economic and monetary policy. He has co-authored the book Money and the Coming World Order (1976) with renowned MIT Economist Charles Kindleberger and others. Lehrman has written about economics in publications such as Harper's, The Washington Post, The New York Times, The Wall Street Journal, Weekly Standard, Crisis, Policy Review and National Review. His writings about monetary economics earned him an appointment by President Ronald Reagan to the Presidential Gold Commission in 1981. Along with Congressman Ron Paul, Lewis Lehrman collaborated on a minority report of the commission, which was published as The Case for Gold (1982).
Lehrman published seven volumes on “Rueff Monetary Economics” (The Collected Works of Jacques Rueff, 1997, Plon, in French). Jacques Rueff, the distinguished French monetary economist, established the monetary and economic plan of the Fifth French Republic, as President DeGaulle's chief financial advisor. The primary purpose of the plan was to restore economic prosperity, a stable French currency, and the end of French inflation by means of convertibility to gold of the French franc. Lehrman has been named to the advisory board of the American Principles Project’s Gold Standard 2012 initiative.
Lewis E. Lehrman [Photo by Ralph Benko]
Q16. You have been forceful in noting that the gold standard has enjoyed a strong history of backing from the Democratic Party as from the Republicans, notably, among other gold standard proponents, President Cleveland who was not only a Democrat but, indeed a great Progressive.
Why should the gold standard not be a partisan or even ideological issue?
The classical gold standard protected the purchasing power of the wages and salaries of those without political influence in Washington. The classical gold standard could thus be a bi-partisan issue. Nor is it an ideological issue. The gold standard is preeminently a public good. In a world of imperfect people, it is the least imperfect monetary system of history.