Students Join Call for Sound Money

An article by Nico Perrino in the Indiana Daily Student reports that students also are joining the call for a return to sound money.

The article, however, reveals a number of errors in the students' understanding of events:

1.  According to Perrino, the students state that this November 22 was chosen as the date for the nationwide "End the Fed" demonstrations because it is the 45th anniversary of the assassination of President John F. Kennedy, who took steps to end the Fed's money-creation monopoly.  While all that is true enough, the more significant reason for the choice of date is that it was also the 98th anniversary of a secret meeting of leading Wall Street bankers at a private resort on Jekyll Island, off the coast of Georgia, which meeting laid the groundwork for what later became the Federal Reserve System.

2.  The article also states that the students claim that "the most effective way to return to a sound monetary policy is by returning to the gold standard...."  Actually, as I've explained in a number of previous posts (see here, here, and here), the most effective way to restore sound money is to reactivate the monetary system set forth in the Constitution.

3.  Perrino also reports that the students say, "The dollar was actually referred to as an amount of gold historically,..."  As long-time readers of this blog will recall, since 1792 the dollar has been defined in the law as a coin containing 371.25 grains of fine silver -- not gold.

It is a bit unfortunate that those seeking to do the correct thing to solve our monetary crisis are nevertheless misinformed about so many key factors.  It is not as though the information is not available:  there are ample resources on this blog -- ranging from watching Our American Money to reading the various books and articles linked on the right-hand sidebar -- to clear up any and all such confusions.

Let us hope that we avail ouselves of these resources in order that we can proceed with a clear understanding of the issues, lest we make yet more mistakes that end up harming all of us financially.

The article I refer to above, titled Students blame Fed for economic crisis, can be found at the link here.