Sound Money


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Sound Money

A somewhat polemical term for a currency backed by a tangible commodity such as gold, silver or platinum. Sound money has an intrinsic value, but is more susceptible to deflation than fiat money. Many countries used sound money throughout most of their histories; however, most countries today use fiat money and have since the United States left the Bretton Woods System in the 1970s. The term "sound money" is often used by those who favor its reintroduction. The more common term is hard money.
References in classic literature ?
It were a pity to let sound money stay in the pockets of such thieving knaves.
According to the Report, Oman has seen marked improvements in three key areas - size of government (82nd in 2009 - 92nd in 2008); access to sound money (51st in 2009 - 68th in 2008); and regulating credit, labour and business (7th in 2009 - 13th in 2008).
Congressman Ron Paul has become well known and admired for his advocacy of sound money and his opposition to the Federal Reserve.
Still others are sending letters, faxes and e-mail, telling us about their new or renewed commitment to sound money management--along with the changes in spending, saving and investment behaviors they've made to back it up.
Out of all the five subcategories of the index majority of the Arab countries scored high on access to sound money.
The very reason that the regime and its media shills despise and fear sound money is the reason a free people should support it: it limits the government's ambitions by restricting the share of resources it can siphon from the productive economy.
This will not be sound money, the kind that is backed up with precious metals found in some government/Federal Reserve vault.
taxpayers will be forced to pay for the financial meltdown brought on by government and the Fed, Constitution Party presidential candidate Chuck Baldwin advocates dismantling the Federal Reserve and returning to sound money such as gold and silver.