The recent announcement that the Republican Party would explore commodity-defined money through a repeat of the '81-â??82 Gold Commission was welcome news. Figure the Party's modern credibility largely remains a function of Ronald Reagan, and while Reagan was most known for his tax cutting prowess, quite unlike modern Republicans who can't seem to move beyond taxes, Reagan understood that "No great nation in history has survived fiat money, money that did not have precious metal backing. . ."
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