Cruz Is Right About Gold

Sen. Ted Cruz (R-TX) (photo credit: Gage Skidmore)
Sen. Ted Cruz (R-TX) (photo credit: Gage Skidmore)

Ted Cruz grasped the nettle in the debate and explicitly upheld gold as the “ideal” monetary foundation. Perhaps he understands the scandal of money: that gold currency is now effectively illegal in the U.S.; that the murky $5.3 trillion a day churning of currencies now muddles rather than defines all value in the global economy.

The next step from the nettle is an actual program for the net, which should include digital currencies such as bitcoin as well as the cancellation of capital gains taxes on the alternatives to the dollar.

As Hayek wrote: “The source of all monetary evil is the government monopoly on money.”

George Gilder is a bestselling writer and author of, most recently, The 21st Century Case for Gold: A New Information Theory of Money.