Milton Friedman Let the Truth Slip: Commodity Money Needs No Policy Back in 1982, Milton Friedman—hardly a gold bug—admitted something explosive: “If a domestic money consists of a commodity… the principles of monetary policy are very simple. There aren’t any.” Read that again. Gold doesn’t need policy. It doesn’t need a Fed. It doesn’t need some "visionary" in a suit testifying before Congress while playing god with your savings. It just works, because the market says so. That single quote demolishes the entire justification for a central bank. So why, then, have we had a federally-backed monetary politburo running the show since 1914? Simple. Control. Not over inflation. Not over recessions. Over you. Legal Tender Laws: Coercion with a Smile…
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