Quote of the Day: The Merit of Gold

It is the outstanding merit of gold as the monetary standard that it makes the supply and the purchasing power of the monetary unit independent of government, of office holders, of political parties, and of pressure groups. The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice. It is precisely the merit of the gold standard, finally, that it puts a limit on credit expansion.

This is from the late great libertarian Austrian economist, philosopher, journalist Henry Hazlitt in his book THE INFLATION CRISIS, AND HOW TO RESOLVE IT p.173