Richard Salsman, in Part Eight of Our Series on the 50th Anniversary of the Collapse of Bretton Woods, Marks the Importance of Limited Government
By RICHARD SALSMAN, Special to the Sun | August 15, 2021
The problem is that central banks exist precisely to accommodate public profligacy; they won’t vanish anytime soon, to the extent fiscal profligacy persists–and it not only persists but intensifies the longer we lack a gold money.
Not necessarily “gold money,” but monetary discipline through credit discipline. This can be established through hard and fast rules. As individuals we face these constraints every day with hard budgets. Politicians need to be subject to the same.