Abstract
Democracy’s troubling predilections in the area of finance should be not be accepted as a fact of life. Its worst tendencies need to be curbed. The best way to go about this is by going down to the atomic level of finance and redefining the essence of money. Just as it was at the beginning of liberal democracy, gold must once again ground our money.
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Notes
- 1.
Though this sentence is often attributed to Martin, what he actually said was less pithy: “The Federal Reserve … is in a position of the chaperone who has ordered the punchbowl removed just when the party was really warming up”. See William McChesney Martin, “Address of Wm. McC. Martin Jr., Chairman Board of Governors of the Federal Reserve System before the New York Group of the Investment Bankers Association of America”, October 19, 1955, https://fraser.stlouisfed.org/docs/historical/martin/martin55_1019.pdf
- 2.
US Department of the Treasury, “Financial Stability Oversight Council”, https://www.treasury.gov/initiatives/fsoc/about/Pages/default.aspx
- 3.
Charles Kindleberger and Robert Z. Aliber, Manias, Panics and Crashes: A History of Financial Crises, 6th edition (Palgrave Macmillan, 2011), 62–83.
- 4.
Homer, The Odyssey of Homer, S.H. Butcher and A. Lang, Trans. (New York: P.F. Collier and Son Company, 1909), 173–174.
- 5.
David Sherfinski, “Backers of Constitutional Convention Stepping up Campaign”, The Washington Times, (August 12, 2015), http://www.washingtontimes.com/news/2015/aug/12/constitutional-balanced-budget-amendment-support-g/?page=all
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Bragues, G. (2017). It’s All About the Money. In: Money, Markets, and Democracy. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-56940-0_8
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DOI: https://doi.org/10.1057/978-1-137-56940-0_8
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