This will be brief, appropriate to the topic at hand. It consists of a quote from Milton Friedman, found in Joseph Salerno’s outstanding book, Money, Sound and Unsound, p. 366:
If a domestic money consists of a commodity, [such as] a pure gold standard or cowrie bead standard, the principles of monetary policy are very simple. There aren’t any. The commodity money takes care of itself. [emphasis added]
Imagine that. If we have sound money we don’t need the Fed. Or Congress. We just need sound money.
End of essay.
https://www.lewrockwell.com/2024/04/george-f-smith/sound-monetary-policy-in-under-40-words/
