Division of labor and an exchange economy are the basis of society. Various commodities competed for being money, but gold prevailed as the medium of exchange, without any interference by governmental authorities. We should have again a gold standard all over the world.
When government increases the money supply it does not matter what the government does with the money. The increase alone dilutes the purchasing power of each unit of money, making everyone but first receivers worse off. Governments are in the position of destroying the monetary system. The quantity of money must be restricted.
Recorded February 21,1970. Special thanks to Bettina Bien Greaves for making this important recording available. [1:03:15]