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Stefan Gleason: Sound money needs only for government to stop oppressing the competition
8:51p ET Wednesday, July 18, 2019
Dear Friend of GATA and Gold:
Sound money doesn't need formal restoration of the gold standard by governments, Money Metals Exchange President Stefan Gleason writes this week.
"Sound money has intrinsic value, is stable, is trusted, is fungible, and has widespread acceptance," Gleason writes. "It need not necessarily be gold, although thousands of years of history have shown the yellow metal ably fills that role -- even today."
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He continues: "Sound money proponents believe that artificially inflating certain sectors of the economy fosters waste and inefficiency -- not to mention unfairness.
"We believe that markets become corrupted when they are driven by particular words or syllables contained in policy statements issued by a central bank. ...
"Ideally, sound money would spring from market forces, with gold and silver warehouse receipts (and digital equivalents) from the most reputable private vaults and banks gaining acceptance as currency. ...
"A modern sound money system won't be established overnight. Steps toward it can be made through both free-market forces and political activism aimed at freeing precious metals from taxes, legal tender laws, and other impediments to free competition with the fiat dollar."
That is, sound money requires only for government to stop oppressing the competition.
Gleason's commentary is headlined "Monetary Metals Don't Need a 'Gold Standard' Proxy System" and it's posted at the Money Metals Exchange internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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