Sound Money

It is impossible to grasp the meaning of the idea of sound money if one does not realize that it was devised as an instrument for the protection of civil liberties against despotic inroads on the part of governments. Ideologically it belongs in the same class with political constitutions and bills of rights.

The Theory of Money and Credit, p. 454

Thus the sound-money principle has two aspects. It is affirmative in approving the market’s choice of a commonly used medium of exchange. It is negative in obstructing the government’s propensity to meddle with the currency system.

The Theory of Money and Credit, p. 455

There cannot be stable money within an environment dominated by ideologies hostile to the preservation of economic freedom.

The Theory of Money and Credit, p. 480

Sound money still means today what it meant in the nineteenth century: the gold standard.

The Theory of Money and Credit, p. 480

Perpetual vigilance on the part of the citizens can achieve what a thousand laws and dozens of alphabetical bureaus with hordes of employees never have and never will achieve: the preservation of a sound currency.

The Theory of Money and Credit, p. 495