"The practical answer to the question 'why gold?' is that it always works; nothing else ever has."
"To provide the greatest contrast between Reynolds's ideas and my own, I will focus on those issues in which the institutional arrangements matter just as much, if not more, than mere convertibility."First, I will focus on the existing institutional arrangementand reconsider the old issue of the central bank's will and ability to control the money supply....I will deal with the relationship between a strong central bank and a workable gold standard, arguing that we can have one or the other but not both. My views run directly counter to Reynolds's position that the issue of the appropriate monetary standard and of the appropriate institutional arrangement are separate issues."