Friday, August 15, 2014

In Search of Sound Money

-Ron Paul
My interest in the world of politics began in large part on Sunday, August 15, 1971. For decades, I, like all Americans, had lived in a country where it was illegal to own gold. The idea probably seems preposterous today, but there was a time when the government seized all the citizens’ gold and declared gold illegal to own.

From that point on, even the paper currency in circulation was no longer backed by gold. Then, on a Sunday in 1971, President Nixon severed the last remaining link that Americans had to gold as money: he closed the international gold window, which allowed foreign governments to exchange 35 paper dollars for one ounce of gold. That was the last day that money had any value apart from the will of government. And nobody seemed to care.

I was very concerned about the government’s mishandling of money and what it meant for the U.S. economy and for our freedom. I started looking for ways to restore sound money to the people, or at least allow them to legally own gold again.