Submitted by Keith Weiner
New Austrian School of Economics
Gold Standard Institute
Chairman of the Federal Reserve
Mar 25, 2012
Re: Open Letter to Discuss Your Misunderstandings About Gold
You have publicly gone on record with some off-the-wall assertions about the gold standard. What made you think you could get away with it? Your best strategy would have been to ignore gold. Although I concede that with the endgame of the regime of irredeemable paper money near, you might not be able to pretend that people aren’t talking and thinking about gold. You can’t win, Ben. In this letter I will address your claims and explain your errors so that the whole world can see them, even if you cannot.
Before I get into your specious claims, I want to point out two of important facts. First, the gold standard exists when people are free to choose what they wish to use for money. Gold has won this market competition over thousands of years, but the key is that when people are not forced to use government-issued scrip they choose gold. And that’s the shabby little secret of your irredeemable paper money, Ben. You have legal tender laws to force creditors to accept it, whether they would or not. Will you please let people be free?