Ben Bernanke should return the Fed to its golden roots

http://www.washingtonpost.com/opinions/ben-bernanke-should-return-the-fed-to-its-golden-roots/2012/08/30/033bd9f0-f2d5-11e1-892d-bc92fee603a7_story.html

Herbert Hoover, who knew a thing about monetary disorder, entered an eloquent warning in his memoir against the pure paper dollar. Currency convertible into gold at a fixed rate, he wrote, “is a vital protection against economic manipulation by the government. As long as currencies are convertible, governments cannot easily tamper with the price of goods, and therefore the wage standards of the country. They cannot easily confiscate the savings of the people by manipulation of inflation and deflation. They cannot easily enter into currency expansion for government expenditures."