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The True Gold Standard - A Monetary Reform Plan without Official Reserve Currencies Paperback – October 4, 2011


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Product Details

  • Paperback: 148 pages
  • Publisher: The Lehrman Institute (October 4, 2011)
  • Language: English
  • ISBN-10: 0984017801
  • ISBN-13: 978-0984017805
  • Product Dimensions: 8.3 x 5.5 x 0.4 inches
  • Shipping Weight: 5.6 ounces (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Best Sellers Rank: #768,070 in Books (See Top 100 in Books)

Editorial Reviews

Review

If you have ever wondered how the world can get from here to there from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren wonder no more. The answer, brilliantly expounded, is between these covers.

America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman, she has finally found him.

--James Grant
Author and Editor of Grant s Interest Rate Observer

About the Author

Lewis E. Lehrman has written books and essays about economic, monetary, and financial policy as well as American history. Lehrman co-authored the book Money and the Coming World Order (1976) with renowned MIT economist Charles Kindleberger and others. He has written about economics in publications such as Harper s, The Washington Post, The New York Times, The Wall Street Journal, The Weekly Standard, Crisis, Policy Review, The American Spectator, and National Review. His writings about monetary economics earned him an appointment by President Ronald Reagan to the United States Gold Commission in 1981. Lewis Lehrman collaborated on a minority report of the commission, which was published as The Case for Gold (1982).

Lehrman has been named to the advisory board of the American Principles Project s Gold Standard 2012 initiative. He heads The Gold Standard Now a project of The Lehrman Institute. Established in 1972, The Lehrman Institute is a public policy foundation focused on history, economic and foreign policy, education, and local communities. He has been a trustee of the American Enterprise Institute, the Morgan Library, the Manhattan Institute, and the Heritage Foundation. He is a former Chairman of the Committee on Humanities of the Yale University Council.

Lehrman received the National Humanities Medal at the White House in 2005 for his teaching and studies of American history. In 2010, he was awarded the William E. Simon Prize for Lifetime Achievement in Social Entrepreneurship.

Lehrman earned his B.A. from Yale where he became a Carnegie Teaching Fellow on the Yale faculty and an M.A. from Harvard where he was a Woodrow Wilson Fellow. Lehrman has been awarded honorary degrees from Babson College (Babson Park, MA) where he was made a member of its Entrepreneurial Hall of Fame; Gettysburg College (Gettysburg, PA); Marymount University (Arlington, VA); and Thomas Aquinas College (Santa Paula, CA).


More About the Author

LEWIS E. LEHRMAN has written widely about history, economic and monetary policy in publications such as Harper's, The Washington Post, The Wall Street Journal, The Weekly Standard, Policy Review, Crisis, New York Post, Greenwich Time, The American Spectator, The Washington Times, The Washington Examiner, National Review and The New York Times. His writings about monetary economics earned him an appointment by President Ronald Reagan to the Presidential Gold Commission in 1981. Along with Congressman Ron Paul, Lewis Lehrman collaborated on a minority report of the commission, which was published as The Case for Gold (1982). He is also the author of The True Gold Standard: A Monetary Reform Plan without Official Reserve Currencies (2012) and Lincoln at Peoria: The Turning Point (2008). He edited the 2012 edition of Money and the Coming World Order.

In April of 1987, Lehrman joined Morgan Stanley & Company, investment bankers, as a Senior Advisor and a Director of Morgan Stanley Asset Management. In 1988, he became a Managing Director of the firm. He is presently Senior Partner of L. E. Lehrman & Co., an investment firm he established.

Lehrman has been named to the advisory board of the American Principles Project's Gold Standard initiative. He heads The Gold Standard Now - a project of The Lehrman Institute. Established in 1972, The Lehrman Institute is a public policy foundation focused on history, economic and foreign policy, education, and local communities. He has been a trustee of the American Enterprise Institute, the Morgan Library, the Manhattan Institute, the Heritage Foundation and New-York Historical Society. He is a former Chairman of the Committee on Humanities of the Yale University Council.

Lehrman received the National Humanities Medal at the White House in 2005 for his teaching and studies of American history. In 2010, he was awarded the William E. Simon Prize for Lifetime Achievement in Social Entrepreneurship.

Lehrman earned his B.A. from Yale where he became a Carnegie Teaching Fellow on the Yale faculty and an M.A. from Harvard where he was a Woodrow Wilson Fellow. Lehrman has been awarded honorary degrees from Babson College (Babson Park, MA) where he was made a member of its Entrepreneurial Hall of Fame; Gettysburg College (Gettysburg, PA); Lincoln College (Lincoln, IL), Marymount University (Arlington, VA); and Thomas Aquinas College (Santa Paula, CA).

Customer Reviews

This book provides an indispensable blueprint for monetary reform.
Ralph Benko
Bankster-friendly central banks (including our Federal Reserve System) will die or be abolished to the extent nations allow private mints; Good!
Dave Redick
I really hope more American politicians and citizens read this book!
Jon

Most Helpful Customer Reviews

23 of 24 people found the following review helpful By Rich Danker on October 27, 2011
Format: Paperback
Finished off as it was by the callous executive order of a U.S. president, the gold standard cannot be resurrected the same way. As the political system inches back toward gold-backed money, a road map for getting there is essential.

This is exactly what Lewis E. Lehrman (with whom this writer is professionally associated via American Principles Project and the Lehrman Institute) has provided with The True Gold Standard: A Monetary Reform Plan Without Official Reserve Currencies. Steeped in the experience of Jacques Rueff's handling of postwar France's return to the gold standard and Lehrman's own thinking as a public intellectual, it is a comprehensive yet straightforward plan for cleaning up the global financial system.

As the subtitle suggests, the plan is based on replacing national currencies (the dollar, euro, yen) with the non-national, neutral asset of gold as the world's reserve money supply. Nations would settle international payment deficits and surpluses in gold rather than paper-based currencies. This would have the effect, principally on the U.S. as the issuer of two-thirds of world reserves, of removing the debt overhang which has made trade deficits, government overborrowing, and hot money bubbles the way of life. Depending on whom you asked, the dollar standard was an "exorbitant privilege" (French president Valery Giscard d'Estaing) or an upgrade (Citibank financier Walter Wriston). Decades of financial disorder have now made it clear that it is actually an "insupportable burden" as Lehrman puts it.

Lehrman's historical model is the international gold standard of 1873-1914, an era of industrial breakthrough, global economic growth, and astounding price stability. As charted by his colleague John Muller, it was the most stable period of U.S.
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16 of 17 people found the following review helpful By Barton M. Biggs on November 7, 2011
Format: Paperback
Lehrman is the most profound monetary thinker of our time. The world monetary system is in a terrible crisis and we live in a world of booms, busts, and debilitating panics. The dollar has lost 82% of its 1971 value and 96% versus gold. Social disorder, wars, and revolution almost always follow such chaos. Lehrman in this book analyzes the disorder and lays out an orderly, practical plan to restore economic growth and create a stable monetary system, exchange rates, and end inflation.
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11 of 11 people found the following review helpful By David McIntosh on November 4, 2011
Format: Paperback
Lew Lehrman's most recent book on why we need to adopt a new gold standard comes at just the right time. As the country debates debt reduction and budget policy, he puts on the table one of the most important tools we have to restore economic growth -- at the 4-5% annual level we need. The book makes the constitutional and policy arguments for the gold standard as a means of allowing economic growth that will generate the revenue we need to eliminate deficits and avoid a future debt crisis of our own. Lehrman is a true disciple of the brilliant French professor, Jacques Rueff, who successfully used the gold standard to guide France back from the economic brink after World War I while at the same time avoiding both the inflation and deflation that variously plagued other European countries. Anyone familiar with modern monetary policy and bank regulation in the United States knows we face the same dual perils today.
The book proposes concrete steps to transition the world economies to a true gold standard, as well as spelling out the specific means of establishing it. By addressing the various critiques of the gold standard systematically and convincingly, Lehrman has laid the groundwork for political leaders to take up the proposal. Lew Lehrman has written a tour do force for an idea that must be part of the policy debate of our time.
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10 of 12 people found the following review helpful By George Gilder on October 29, 2011
Format: Paperback
Why the hypertrophy of finance and the microtrophy of enterprise?

Why have 30 percent of the economy's profits during mid 2000s come not from the positive sum benisons of productive investment and entrepreneurial risk, but from the zero-sum-games of speculative investment and fiduciary risk shuffling? Why does public debt, under Parkinson's Corollary, cited by Lewis Lehrman in this book, expand to absorb and stultify all other means of finance?

Why is the government guaranteeing everything--mortgages, deposits, pensions, healthcare, industrial conglomerates, leviathan banks, solar plants, small business loans, waterfront property, corn prices, college tuitions, windmills, kitchen sinks--but not guaranteeing the value of its currency, which since the time of Alexander Hamilton has been its job?

Why is current innovation focused on a confectionary froth of social networking and financial derivatives with scant renovation of other seven layers founded on the physical layer? Why do physicists earn orders of magnitude more in finance than in the physics of entrepreneurial creations?

Could it be, as Lehrman insists in this lambently lucid tract, that the fundamental cause of the crisis is that the monetary system, alone among all capitalist schemes, totally lacks a physical layer?

The remedy for metaphysical money is gold. Critics who say the gold standard has been made obsolete by an information standard based on the Internet do not grasp the essence of information theory, which measures the information content of a message by its "news" (expressed in digital form as unexpected bits or entropy). It takes a low entropy (no surprises) carrier to bear a high entropy (newsworthy or creative) message.
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