Alexander W. Salter

<p>We must recognize that a whole may exhibit properties that are not present in its parts. But problems come in when the method of study for the economy as a whole looks radically different from that used for its parts.</p>

<p>Would a self-governing society ever choose to delegate the broad monetary, financial, and regulatory powers now enjoyed by central banks?</p>

<p>The features of monetary institutions that make them illiberal have a high likelihood of making them undemocratic as well.</p>

<p>Discretionary central banking has had its day. It’s time to insist on lawful money.</p>

<p>The classical gold standard has gotten a raw deal in our historical memory. Setting the record straight is a crucial step on the road back to restoring sound.</p>

<p>The era of monetary cosmopolitanism was brief. But its effect on human welfare was enormous.</p>

<p>Money is a good that has interesting scaling properties. The more people there are within a given monetary network, the more valuable it is for each person to be a part of that monetary network.</p>

<p>Rule-of-law monetary systems are more ethically justifiable. They also work better.</p>

<p>Sound money and the progress of civilization are inexorably entwined. Those who would sever this link for the perceived short-run benefits of monetary macro-management and fine-tuning should beware of the harm they court.</p>

<p>A market economy without money would not be able to achieve a division of labor sufficient to make it worthwhile.</p>