In The Absence Of The Gold Standard,

We As Central Bankers Need Not Be Concerned If A Collapsing Financial Asset Bubble Does Not Threaten To Impair The Real Economy, Its Production, Jobs And Price Stability.

I Have One Other Issue I'd Like To Throw On The Table. I Hesitate To Do It, But Let Me Tell You Some Of The Issues That Are Involved Here. If We Are Dealing With Psychology, Then The Thermometers One Uses To Measure It Have An Effect. I Was Raising The Question On The Side With Governor Mullins Of What Would Happen If The Treasury Sold A Little Gold In This Market. There's An Interesting Question Here Because If The Gold Price Broke In That Context, The Thermometer Would Not Be Just A Measuring Tool. It Would Basically Affect The Underlying Psychology.

Deficit Spending Is Simply A Scheme For The 'hidden' Confiscation Of Wealth. Gold Stands In The Way Of This Insidious Process. It Stands As A Protector Of Property Rights.

Skilled Shortages In America Exist Because We Are Shielding Our Skilled Labor Force From World Competition. [visa Quotas] Have Been Substituted For The Wage Pricing Mechanism. In The Process We Have Created [a] Privileged Elite Whose Incomes Are Being Supported At Non-competitively High Levels By Immigration Quotas On Skilled Professionals. Eliminating Such Restrictions Would Reduce At Least Some Of The Income Inequality.

The Free Lunch Has Still To Be Invented.