I collect gold in the form of important insights, and in this article I’d like to share some of them with you.

Until a few years ago I never thought of Moore’s Law and a gold coin standard as having an important connection, but they do. Gary North lays it out (8/17):

The gold standard was an institutional restraint on the expansion of government spending, and central banks were designed to thwart the gold standard. We live in an era of the triumph of central banking. We therefore live in an era of the comprehensive defeat of gold coins as restraining factors on the expansion of the government.

Here is the good news: we no longer need gold to do this.

I favor a gold coin/digital standard established by the free market -- not any government -- but we no longer need it. If we did, then liberty would have been lost after 1971 or 1933.

Moore's law has replaced the gold standard as a means of restraining civil governments' central planning. . . .

The escalating effect of Moore's law in reducing the cost of information is changing the whole world in ways we can barely perceive today. There is no way that any federal bureaucracy can keep up with the social, economic, educational, and political transformations that are taking place as a result of Moore's law. . .

People are finding ways to participate in the world economy that are outside the jurisdiction of the administrative state.

The inevitable bankruptcy of every national Western government because of compulsory government medical insurance programs and old-age retirement programs will complete the destruction of the Hamiltonian movement in America and the Keynesian welfare state everywhere else.

Since states are involved in just about every area of our lives, and since few people talk about whether they’re necessary or not, it’s always refreshing to read Murray Rothbard. In Anatomy of the State he explains how the almighty state operates to support itself:

The State provides a legal, orderly, systematic channel for the predation of private property; it renders certain, secure, and relatively “peaceful” the lifeline of the parasitic caste in society.

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