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A. Mitchell Innes—a chartalist pioneer—wrote a pamphlet “What Is Money?” (1913) which found a credulous and ideologically sympathetic audience in J. M. Keynes.
Rothbard aimed at something substantially more radical than Mises. Murray wanted a complete free market in money, with no government involvement whatever.
“Gold, which does not yield interest, typically performs well in periods of low interest rates and heightened uncertainty.”
Margaret Thatcher’s famous quote spells doom for new socialist schemes, “The problem with socialism is that you eventually run out of other peoples’ money.”
Even Milton Friedman—who never supported gold as money—admitted that a monetary system based on gold would “take care of itself.” Instead, our money is...