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Prevention of attacks of sharp inflation and deflation which pursue the world inLast 60 years. Research has shown that it is also rather Effective medicine against even more started illness: repeating waves Depressions and unemployments which are represented often as congenital and Killing defect of capitalism. The gold standard - not the decision
It is possible to hope to prevent strong fluctuations of value of the money, observed in
Recent years, having come back to the gold standard or any mode
The fixed exchange rates. I am still convinced that while management of money
There is in hands of the governments, a gold standard, with all it Imperfections, is unique more or less safe system. But
We, certainly, in a status to construct the best system which is not assuming
Government participations. Except the indisputable fact of presence of serious defects and at
The gold standard, opponents of such step can fairly specify that in Present circumstances the centralised management in monetary weight It is necessary to resist to congenital instability Existing credit system. But so far as it is recognised that this congenital
Instability of the credit itself is result of certain structure of the depositary
The bank operations, set by the monopolistically control over the offer Cash in which deposits should be repaid, these objections fall. If we want, that free business and market economy have survived
We do not have choice: we should replace the governmental currency monopoly and
National currency systems a free competition between the private Banks of issue. Never the control over money was in hands of establishments, Unique and which exclusive care would be to give to public currency, Surpassing all the others and which at the same time would put most the
Existence in dependence on conformity to expectations which they have generated.
It can appear that at a free competition between various kinds of money
Gold coins will appear the most popular kind in the beginning. But this fact -
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