The True Gold Standard (Second Edition)
Key Writings: Parks on the Gold Standard
Dr. Lawrence Parks, Executive Director of the Foundation for the Advancement of Monetary Education (FAME), and leading proponent of honest money, has been appointed as an Advisor to TheGoldStandardNow.org.
Lawrence Parks has been appointed to TheGoldStandardNow.org, a project of the Lehrman Institute. Institute founder and Chairman Lewis E. Lehrman said, “Dr. Parks has been a leader in educating Americans about the injustice inherent in our current paper money system and about the benefits of an honest monetary system. As a writer, broadcaster, and a noted monetary policy expert he has been called as an expert witness before the House of Representatives Subcommittee on Domestic Monetary Policy. He has helped Americans understand what a true gold standard system looks like and how it would benefit all working Americans seeking to end inflation, seeking justice for work and saving, and opportunity to make personal progress.”
Upon accepting the appointment, Parks said, “With the monetary system we have now, the careful saving of a lifetime can be wiped out in the blink of an eye. It is urgent to change our monetary system before it implodes. It is an honor to be associated with Lewis Lehrman in achieving this goal.”
TheGoldStandardNow.org is a website that provides information about the classical gold standard. The site provides key writings, historical information, breaking news, featured articles from the world media and frequently updated original content.
Dr. Lawrence Parks is the Executive Director of the Foundation for the Advancement of Monetary Education (FAME) and a leading proponent of the fight for honest money. A student of money for more than 30 years, Dr. Parks also studied with free-market economist Murray Rothbard. Dr. Parks is a frequent speaker on what he calls "The Fight for Honest Monetary Weights and Measures." Dr. Parks is the author of What Does Mr. Greenspan Really Think?, an easy-to-read book about how our monetary system works. Lawrence Parks's writings have appeared in Pensions & Investments, The Economist, The Washington Times, The Freeman, The Free Market, American Outlook, The United States Congressional Record and National Review. Having broad experience in academia, business and finance, Dr. Parks also holds a Ph.D. in Operations Research from the Polytechnic University.
Currently serving as senior advisors to TheGoldStandardNow.org are Lewis E. Lehrman, founder and chairman of the Lehrman Institute; economist and financial editor, Paul Fabra; Sean Fieler, chairman of the American Principles Project; John D. Mueller, Director of Economics and Ethics program at the Ethics and Public Policy Center; author and journalist, James Grant; economist Steve Hanke; economist and author Judy Shelton; free banking advocate and Professor Lawrence H. White; and as advisors Ralph J. Benko, author, columnist and editor of TheGoldStandardNow.org; Brian Domitrovic, author of Econoclasts: the Rebels Who Sparked the Supply-Side Revolution and Restored American Prosperity and Forbes.com columnist; author Jeffrey Bell, policy director of the American Principles Project; Monetary Policy expert Rich Danker, Project Director of Economics at American Principles Project; Forbes columnist Charles Kadlec; analyst Christopher K. Potter, President of Northern Border Capital Management; conservative leader Frank Cannon, President of the American Principles Project; RealClearMarkets editor John Tamny; and Frank Trotta, President of the Lehrman Institute.
About The Lehrman Institute
The Lehrman Institute is dedicated to public policy, educational and historical research. It was founded in 1972 by Lewis E. Lehrman. The Lehrman Institute has sponsored a wide range of research and discussion in the fields of economics, historical research, foreign policy, and urban policy. TheGoldStandardNow.org is a news and commentary aggregator focused on domestic and international monetary policy issues.
Dr. Larry Parks Responses to Questions for the Record from Chairman Ron Paul, Subcommittee on Domestic Monetary Policy and Technology
Question # 1 of 2: Part of the purpose in discussing H.R.1098 and holding this hearing was to initiate a discussion on how we begin to achieve sound money. Your Foundation for the Advancement of Monetary Education has been educating people for more than 17 years about the benefits of an honest monetary system and the perils of, what you call in your testimony, legal tender irredeemable paper-ticket-electronic money. From your experience, what are your suggestions to expedite implementing an honest monetary system that is inconformity with the Constitution?
For the reasons outlined in my written testimony, it is urgent that the United States begin a transition to an honest monetary system to replace our current legal tender irredeemable paper-ticket-electronic monetary system before it completely collapses.
Here is what needs to be done.
Before the problem of how to change our monetary system can be addressed, there must be widespread recognition that there is a problem. While the symptoms of our dysfunctional and dishonest monetary systemare well recognized and complained about, few have traced the cause back to legal tender irredeemable paper ticket-electronic money.
The parameters of the problem need to be stated and legitimatized. That is the role of intellectuals. As a precondition for implementation, those intellectuals who help establish credibility and build support for an honest monetary system must be paid. As I outline the steps, please keep in mind that all of this will need to be financed.
Thank you for the opportunity to testify in support of H.R. 1098, The Free Competition in Currency Act of 2011. I am honored to have been invited.
I know it must sound like hyperbole, but I believe that H.R. 1098 is perhaps the most important piece of legislation to ever come before the Congress, because H.R. 1098 is necessary to make a transition from the certain catastrophic collapse of our unauthorized (by the Constitution), dishonest and unstable legal tender irredeemable paper-ticket-electronic monetary system.
While I suspect that this committee will be most interested in how this bill will affect jobs, debt, economic growth, the capital markets, pensions, and a host of other important and timely topics, I will focus in my opening statement on where we are headed and on the dishonesty of our present system by highlighting some of the many misrepresentations about our money. There are three takeaway points. Our current monetary system is:
1. Not in conformity with the Constitution;
2. Dishonest; and,
3. Unstable and in the process of blowing up, perhaps while I am testifying here today.
One can be certain of a complete collapse because there is no longer any market-based self-correcting mechanism providing negative feedback against increasing the money supply, increasing debt, and increasing leverage. Any system without a self-correcting mechanism is unstable and blows up.
BY LAWRENCE PARKS