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Over 35 years experience working in oil and gas accounting with privately held oil and gas producing companies. Also have a blog that covers monetary system issues and the potential for major future monetary system change. (http://lonestarwhitehouse.blogspot.com/)  - email: ... more

Keith Weiner Proposes - The Unadulterated Gold Standard

Date: Friday, July 20, 2018 9:49 AM EDT

Recently, we covered the efforts of economist Keith Weiner to work with the State of Nevada on a bill that would allow that state to issue gold and silver bonds. While researching this news, Keith introduced me to his proposal for what he calls an "Unadulterated Gold Standard".  He explained that  this proposal differs from the classical gold standard used in the past. Keith has this to say about it near the conclusion of Part V of his five part series of articles:

 

"To conclude this entire series on the Unadulterated Gold Standard, it is fitting to provide the formal definition now that the reader has sufficient understanding of the concepts and ideas.

 

The unadulterated gold standard is a free market in money, credit, interest, and discount based on the right of the people to hold and use gold coins, and which includes Real Bills and bonds."

 

One of our goals here is to make readers aware of various proposals for monetary system reforms that we find so that readers can learn more about them.  As you can see from the excerpt above, Keith lays out a full detailed explanation in a five part series that walks the reader through an understanding of his concept of a new kind of gold standard. Below are a few excerpts from the five part series followed by some questions I sent to Keith and his replies by email.

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From Part I

 

"The choice of the word “unadulterated” is not accidental.  There were many different kinds of gold standard, including what we now call the Classical Gold Standard, the Gold Bullion Standard, and the Gold Exchange Standard.  Each contained flaws; each was adulterated."

 

From Part II

 

"Despite some government interference, the Classical Gold Standard enabled a Golden Age of prosperity and full employment that is totally out of reach today (not to be confused with the rapid development of technology).  This is not to say there were not business failures, bank failures and panics – what were later called depressions and now recessions.  A free market does not attempt to guarantee that no one can ever lose money.  It is merely an environment in which no one is forced to subsidize someone else’s risks or losses."

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