This arrangement would provide an automatic, independent mechanism of checks and balances to enforce the gold-price rule.
But it is certainly poor eyesight, and enough, one might think, to rule out winning an Olympic gold medal in archery.
Finally, House Republicans should pass legislation removing the discretionary monetary policy powers of the Federal Reserve, mandating it to conduct monetary policy in accordance with a price rule following market prices for gold, silver, oil and other commodities.
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Auditing the Fed, replacing Fed monetary policy discretion with a mandatory price rule governing policy, even the gold standard, Nobel Laureate Friedreich Hayek pushed the envelope beyond all of these.
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These leaders are doing something important in helping to hammer out the missing variable in job creation, good money, and creating a forum where the proponents of the Taylor Rule and the proponents of the gold standard can make their respective cases.
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As I've said repeatedly: those who came off Gold first recovered first - but the exception proves the rule of why.
Arthur (Rick) Rule, who runs a brokerage focusing on small gold and oil companies in Carlsbad, Calif.
For the next 18 years, the Federal Reserve loosely followed a de facto price rule by targeting commodity prices including the price of gold and the foreign exchange value of the dollar.
Adopting a convertibility rule, however, such as existed under the classical gold standard, would result in a forecast-free monetary regime.
If it were to try to do so, holders of dollars could over-rule the Fed by turning in the extra dollars for gold, forcing the Fed to reverse its policies.
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Notably, U.S. Treasury Secretary Paulson did not rule out dollar intervention in a CNBC interview Monday, and gold fell slightly.
The Federal Reserve was obliging rule-based behavior that probably included making the price of gold a primary determinant in monetary policy.
Mr. LINDSAY: What is needed is something to outset the golden rule of politics, which says that them that gives the gold, makes the rules.
Gold saw a precipitous drop in late February after Chairman Bernanke appeared to rule out further quantitative easing in his testimony before Congress.
The most common rule was: the money was to be worth a specified amount of gold.
The Fed should be mandated to follow a price rule conducting monetary policy in accordance with sensitive market prices, such as gold and other commodities, maintaining the purchasing power of the dollar without inflation.
This has been the currency rule since 1971, when President Nixon severed the dollar's link to gold.
The no-contact rule was more of a challenge for his mopping partner, Ms. Richards, when gold medalist Mr. Lin thanked her for her services on court.
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This 51% ownership rule will cause a 14% reduction on copper reserves and a 49% reduction on gold reserves and no impact on molybdenum, as Grasberg has no molybdenum.
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The lack of any monetary rule to constrain the Fed and the lack of any convertibility principle, as existed under the classical gold standard, means the Fed has a monopoly on base money (currency held by the public plus reserves), the supply of which is determined by a small group of Fed officials who presume to be able to forecast the future.
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Until mid-May, bullion dealers could place gold import orders with a designated bank by paying a margin upfront and the rest on delivery, but a new rule stipulates they pay the entire amount before importing.
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