The True Gold Standard (Second Edition)
Book Reviews: "MONEY" by Steve Forbes
Publishing executive and two-time presidential candidate Steve Forbes has built a distinguished career from his financial expertise. As he dissects the current administration’s economic policy in his latest book, he reveals several troubling signs that we might be in more trouble as a nation than even many of Obama’s fiercest critics realize.
He blames the Federal Reserve’s policy of printing fiat currency for a situation he said cannot be reversed without returning to a gold standard.
The entity, he explained, is engaged in “vastly misguided monetary policies” that “are now setting the stage for a new economic and social catastrophe – one that could rival the financial crisis and horrors of the 1930s.”
The book, “Money: How the Destruction of the Dollar Threatens the Global Economy – and What We Can Do About It,” was released this week and includes a number of serious allegations about the Fed and the Obama administration’s policies that enable it to continue operating against the best interest of America’s future.
“The Fed should have only two tasks: keeping the dollar fixed to gold and dealing quickly and decisively with panics,” he wrote.
The chairman of one of the country’s top financial magazines and former presidential candidate Steve Forbes’ new warning that the Federal Reserve’s elephant gun of a loose dollar policy could trigger an economic meltdown shouldn’t be ignored.
Just take a look at the warning signs already in the headlines around the globe below.
Forbes advises a return to a “gold standard” as the only way to avoid disaster in his new, must-read book, Money: How the Destruction of the Dollar Threatens the Global Economy -- and What We Can Do About It, co-authored by the always sharp Elizabeth Ames (McGraw Hill, May 2014).
The U.S. central bank’s "vastly misguided monetary policies are now setting the stage for a new economic and social catastrophe -- one that could rival the financial crisis and horrors of the 1930s,” Forbes wrote, adding that U.S. economic success and prosperity will come only if the dollar is fixed to gold and not subject to the Fed’s arbitrary liquidity hydrants.
Influential financial publisher and former presidential candidate Steve Forbes is out with a new warning that the U.S. faces an economic catastrophe due to the Federal Reserve's loose dollar policy, and returning to a strict “gold standard” is the only way to avoid disaster.
In Money: How the Destruction of the Dollar Threatens the Global Economy -- and What We Can Do About It, Forbes blames President Obama's money team for the stagnant economy, high prices, declining mobility and big government.
"[The Fed's] vastly misguided monetary policies are now setting the stage for a new economic and social catastrophe — one that could rival the financial crisis and horrors of the 1930s,” he wrote in the book co-authored by Elizabeth Ames.
Just like many financial conservatives have advised in the past, notably former Reps. Jack Kemp and Ron Paul, Forbes said that economic prosperity can come only if the dollar is linked to gold and not printed willy-nilly at inflated rates.
"The best way to achieve monetary stability: linking the dollar to gold,” he wrote in the book out today. “The Fed should have only two tasks: keeping the dollar fixed to gold and dealing quickly and decisively with panics,” he wrote, according to excerpts provided in advance to Secrets.
Their hearts are surely in the right place, but when money is discussed with devotees of the Austrian School, they frequently tout the concept of “competing currencies.” At first glance it’s hard to argue with them. Rather than leave money to government, why not let private actors compete to issue the best money?
Fair enough, but then the Austrian School view arguably misses the point for presuming that money can be extra good, or money plus. That’s the equivalent of saying that there can be an “extra strength” minute, foot, or teaspoon. In truth, there’s no good or bad minute because the latter is simply a measure. Money is similarly just a measure, though its meaning has been perverted in modern times, and in ways that have brought the global economy staggering harm.
People who have followed Steve Forbes’ “Fact & Comment” have long noted his advocacy for the Classical, gold-based monetary approach the United States used before 1971.
But, what most people probably did not know is the depth and breadth of Forbes’ understanding of this fundamental topic. Steve Forbes has one of the best monetary minds in the U.S. today – towering above today’s academics and money bureaucrats, including central bankers, whose collective incompetence is apparent to anyone who is paying attention.
Fortunately for all of us, Forbes and co-author Elizabeth Ames have expanded their thoughts in a new book, Money: How the Destruction of the Dollar Threatens the Global Economy—and What We Can Do About It. I think it will serve as a core work in the new Renaissance in monetary understanding that is happening right now. In time, as people grasp the insights contained in this book, today’s dominant Keynesian-Mercantilist orthodoxy will be revealed as so much flat-earth nincompoopery.