Fiat Money Fairytales

by John Butler
Gold Money


The financial media are beginning to entertain the viewpoint that the recent policies of the Federal Reserve, ranging from zero-rates to quantitative easing to bank bailouts, are an important cause of rising inequality not only in the US but around the world. This past week, multiple media sources published an op-ed by eminent scholar George Gilder to this effect.1 Yet articles such as these are the exceptions that prove the rule that the financial media remains strongly biased against the monetary discipline that could be restored by returning to a gold standard. By way of example, in a typically biased article previously published by Reuters back in 2013, Professor Charles Postel misreads history, misapplies economic theory, and employs not only rhetorical but also logical tricks to argue that a return to a gold standard would favor the wealthy, when in fact the opposite is demonstrably true. As this article is so typical of what we seek to rebut, we publish it here, and now.

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