{"id":1294,"date":"2014-11-09T07:45:48","date_gmt":"2014-11-09T12:45:48","guid":{"rendered":"http:\/\/olduvai.ca\/?p=1294"},"modified":"2014-11-09T07:45:48","modified_gmt":"2014-11-09T12:45:48","slug":"gold-economic-freedom-zero-hedge","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=1294","title":{"rendered":"Gold & Economic Freedom | Zero Hedge"},"content":{"rendered":"

Gold & Economic Freedom | Zero Hedge<\/a>.<\/p>\n

…by Alan Greenspan<\/em><\/strong><\/span><\/p>\n

\"\"<\/a><\/p>\n

Published in Ayn Rand\u2019s \u201cObjectivist\u201d newsletter in 1966, and reprinted in her book, Capitalism: The Unknown Ideal, in 1967.<\/em><\/p>\n

An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.\u00a0<\/strong>They seem to sense \u2014 perhaps more clearly and subtly than many consistent defenders of laissez-faire \u2014 that gold and economic freedom are inseparable, that the gold standard is an instrument of laissez-faire and that each implies and requires the other.<\/p>\n

In order to understand the source of their antagonism, it is necessary first to understand the specific role of gold in a free society.<\/strong><\/span><\/p>\n

Money is the common denominator of all economic transactions. It is that commodity which serves as a medium of exchange, is universally acceptable to all participants in an exchange economy as payment for their goods or services, and can, therefore, be used as a standard of market value and as a store of value, i.e., as a means of saving.<\/p>\n

The existence of such a commodity is a precondition of a division of labor economy.\u00a0If men did not have some commodity of objective value which was generally acceptable as money, they would have to resort to primitive barter or be forced to live on self-sufficient farms and forgo the inestimable advantages of specialization<\/strong>. If men had no means to store value, i.e., to save, neither long-range planning nor exchange would be possible.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold & Economic Freedom | Zero Hedge. …by Alan Greenspan Published in Ayn Rand\u2019s \u201cObjectivist\u201d newsletter in 1966, and reprinted in her book, Capitalism: The Unknown Ideal, in 1967. An almost hysterical antagonism toward the gold standard is one issue which unites statists of all persuasions.\u00a0They seem to sense \u2014 perhaps more clearly and subtly […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[952,971,374,536,972],"class_list":["post-1294","post","type-post","status-publish","format-standard","hentry","category-economics","tag-alan-greenspan","tag-ayn-rand","tag-gold","tag-money","tag-statism"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1294"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1294\/revisions"}],"predecessor-version":[{"id":1295,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/1294\/revisions\/1295"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}