The Case For Gold

The Case For Gold Subtitle: A Minority Report of the U.S. Gold Commission by Ron Paul, foreword by Lew Rockwell

Had the United States followed the recommendations of this wonderful report when it came out in 1982, there would have been no housing bubble, no gigantic government debt, no depression, no economic upheaval, no high unemployment, and no international turmoil. This was a window of opportunity for reform. This is proof that Ron was right.

In 1982, Ron Paul served on the US Gold Commission to evaluate the role of gold in the monetary system. In fact, the commission was his idea. It was carrying forth a promise made in the Republican platform.

Ron couldn’t pick the members, so from the beginning the deck was stacked. The majority was dominated by monetarists, who saw gold as too scarce and paper as just fine. Ron Paul’s team was ready, however, with this marvelous minority report.

Rarely has a dissent on a government commission done so much good!

Originally commissioned by the U.S. Gold Commission and subsequently issued in 1982 as minority report of the Commissions, The Case For Gold is the first official U.S. government investigation into the feasibility of a gold standard in more than 100 years. After nearly 30 years, its history, and reform plan remains the most compelling ever printed.

Congressman Ron Paul, one of the prime movers in the creation of the U.S. Gold Commission, writes, “more and more people are asking if a gold standard will end the financial crisis in which we find ourselves. The question is not so much if it will help or if we will resort to gold, but when. All great inflations end with the acceptance of real money….” The Case for Gold was the greatest result of the commission. It covers the history of gold in the United States, argues that its breakdown was caused by governments, and explains the merit of having sound money: prices reflect market realities, government stays in check, and the people retain their freedom.

The scholarship and rigor impressed even the critics of the minority. Ron and Lewis Lehrman worked with a team of economists that included Murray Rothbard, so it is hardly surprising that such a book would result.

It still holds up as an excellent blueprint for moving beyond paper money and into the age of sound money. In particular, Ron favors complete monetary freedom to use any commodity as money, to make contracts in any money, and an end to the monopolization and printing power of the Federal Reserve.

There is a strong piece of history in this book. Not since the 19th century has a political figure made such a sweeping and devastating case for radical monetary reform. This congressman ran circles around even the experts at the Fed. A dazzling performance indeed, and an inspiring and learned book