James Madison, the chief architect of the U.S. Constitution, recognized the problem with discretionary government fiat money and the benefit of a commodity standard and convertibility long ago.

FORBES: The Federal Reserve's Flawed Approach To Monetary Policy

This is also a compelling reason to oppose any plan to simply convert the national monopoly currency to a commodity basket standard.

FORBES: Private Currency Competition Is The Monetary Answer

It is a greater challenge to measure real price changes in computers, software and telecoms equipment undergoing rapid innovation than in a standard commodity such as oil.

ECONOMIST: Letters