Lewis E. Lehrman Money, Gold, and History

ISBN 13: 9780984017836

Money, Gold, and History

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9780984017836: Money, Gold, and History

In Money, Gold, and History, Lewis E. Lehrman raises three questions:

1) Will the perennial global monetary crisis and the century-old age of inflation still be underway a generation from now?

2) Will the global economy have succumbed to national rivalries, mercantilism, financial disorder, and entropy?

3) Or, will monetary order have been restored by the leading nations of the world in their own self-interest?

The authentic and effective American solution is neither esoteric nor complicated. It is simple and straightforward. The solution is authorized by the United States Constitution in Article I, Sections 8 and 10 whereby the control of the quantity of dollars in circulation is entrusted to the hands of the people because the definition of the dollar was entrusted to Congress. In 1792, Congress defined by statute the dollar as a specific weight unit of precious metal.

There it remained for most of American history, especially from 1792 to 1914 because the dollar was precisely defined by congressional statute as a weight unit of gold or silver. This gold standard economic era was America s longest period of rapid, non-inflationary, economic growth almost four percent annually with the budget under control, except during major wars.

Congress need only mobilize its unique, constitutional power under Article I "to coin money and regulate the value thereof." Until 1971 U.S. law defined the gold value of American currency such that paper dollars and bank demand deposits were convertible to their gold equivalent by the people (1792-1914) and/or by governments (1933-1971). The last vestige of convertibility was terminated by President Richard Nixon s Executive Order of August 15, 1971.

Congress should now exercise its constitutional power to restore discipline in the Federal Reserve System by dollar-gold convertibility, especially because of the proven, budgetary, and economic growth benefits of a dollar as good as gold.

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About the Author:

LEWIS E. LEHRMAN has written widely about 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).

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