Murray Rothbard's Gold Standard Nonsense
"If we wish to revalue gold so that the 260 million gold ounces can pay off $404 billion in Fed liabilities, then the new fixed value of gold should be set at $404 billion divided by 260 million ounces, or $1555 per gold ounce. If we revalue the Fed gold stock at the 'price' of $1555 per ounce, then its 260 million ounces will be worth $404 billion. Or, to put it another way, the 'Dollar' would then be defined as 1/1555 of an ounce."Once this revaluation takes place, the Fed could and should be liquidated, and its gold stock parcelled out; the Federal Reserve Notes could be called in and exchanged for gold coins minted by the Treasury."