The Gold Standard Anchored in Islamic Finance by Hossein Askari, Noureddine Krichene (auth.)
By Hossein Askari, Noureddine Krichene (auth.)
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Ron Paul’s views were based on many decades in the Congress and research into money literature. In his book End the Fed (2009), Ron Paul was dismayed by the role of the Federal Reserve (Fed) in manipulating monetary policy. He considered the trillions of dollars in bailouts as the worst injustice a government could inflict on its innocent citizens, by socializing the losses incurred by greedy bankers and debtors. He was also disenchanted with the Fed’s role in preventing liquidation and blocking recovery: “Even today, with an economic crisis raging, the response by our government and the Federal Reserve has been characteristic.
It can also inflate to prevent any deflation that follows from the collapse of a financial boom. For its external balance, it depreciates its currency to the extent required for correcting an external deficit. Under the present system, exchange rates fluctuate widely and give rise to significant exchange rate risks and destabilizing shortterm capital movements. There are large losses arising from foreign exchange inflicted on those who hold depreciating currencies. There are huge resources devoted to the speculation on foreign exchange and to hedging against exchange rates depreciation.
Gold has historically been the world’s single currency; it has no nationality; it was chosen in pre-historical times as the soundest form of money, and has remained so throughout the ages (Menger 1892). 15 The inconvertible paper and credit system is inherently unstable because there is no limit to money printing and fictitious credit multiplication (Thornton 1802; Carroll 1850s; Rothbard 2008; and de Soto 2012). 16 Examples of credit collapses are many; we may cite the Great Depression and earlier crises throughout the nineteenth century in Europe and in the United States.