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View Full Version : "Kooky" Reagan: "You can't control inflation as long as you have fiat money."


wazu
12-27-2007, 07:38 PM
Was anybody else aware that Reagan wanted a return to the gold standard? I read this quote in a book called "Secrets of the Temple" by William Greider (page 380):

Reagan privately advocated restoration of the gold standard as the ultimate way of guaranteeing stable money. "You can't control inflation as long as you have fiat money," he told his aides. The president's attachment to gold was almost never mentioned in public, however. His political advisers feared that it would sound "kooky" and "old-fashioned" to voters.

banyon
12-27-2007, 07:44 PM
I don't think fiat money is that big a deal. Sure, it would help to peg it to something real, but it's the other 90% of the money supply that banks create out of nothing that is really the bigger issue IMO.