For decades, the case for restoring gold to its monetary role has been made with great intellectual seriousness and small political effect. Lewis Lehrman made it. Steve Forbes made it. Ron Paul built a political movement around it. Judy Shelton argued for it in books, articles, and eventually in a Senate confirmation hearing for the Federal Reserve, where she came within a single vote of joining the board. John Tamny has argued it consistently and well in these pages, channeling John Stuart Mill's observation that gold is the commodity "least influenced by any of the causes which produce fluctuations of value" — which is precisely why money defined by it earns the trust of those who use it. The intellectual case has never been stronger. The political results have been essentially zero.
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