Sound Money: Be Careful What You Wish For
A return to sound money has become the rallying cry for a growing crowd of investors, politicians, and commentators who are, understandably, fed up. Fed up with deficits that never shrink, with a national debt north of $39 trillion, with a dollar that buys a little less every year. The pitch is elegant. Back the dollar with gold again, and you force Washington to live within its means. I get the appeal. I've spent years in these pages warning about the debt and deficit trajectory myself. But there's a problem with the prescription, and it's a big one. The problem is NOT the diagnosis, which…
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