The Importance of Gold to Human Liberty

Gregor Hochreiter, Author of "Krankes Geld, Kranke Welt", and James Turk, Director of the GoldMoney Foundation, talk about his book and how it explains that the lack of hard money not only impacts economics but also morality and values. Gregor explains that institutions impact individual behaviour and that fiat money encouraged debt and provokes short term mentality and speculation throughout society. Gregor uses the term "inflation" in the strict and original definition: an increase in the money supply. Rising prices are a consequence of inflation, a mere symptom. They discuss how to transition from sick money to sound money, highlighting the importance of ideas in ensuring the sustainability of any reform.

They discuss Austrian economics and how they are not even taught in Vienna. Gregor explains that academic economics at university level are very mathematics focused and debates are very narrow. However there is a growing interest among the general population in alternative schools of economic thought. Gregor sees a role for gold and silver coins in the solution to our monetary system.

They talk about how under the classical gold standard the negative feedback disciplinary mechanism was imposed automatically by gold, without the need for political discretion. They talk about the importance of gold to human liberty.

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