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August 27, 2015 / 12 Elul, 5775
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What if Israel Were on the Gold Standard?

We would see a massive transfer of wealth away from the banks and the government and the stock market and real estate which will all crash and back to the wage earning middle class who would then be earning gold.

Gold bullion.

Gold bullion.

But it will be very helpful for everyone who is hurt by inflation. We will see a massive transfer of wealth away from the banks and the government and the stock market and real estate which will all crash and back to the wage earning middle class who will now be earning gold.

Unions like the Histadrut will have to forego all legislative advantages its members now have, or risk massive unemployment throughout the country. They will of course force a general strike and they will have to be stripped of their power. The minimum wage which discriminates against unskilled workers, will have to be eliminated. Wages will fall in nominal terms, but the purchasing power of wages will increase dramatically.

Instead of wages going up but the price of goods going up even faster, the situation will be reverse. Wages will go down but the price of goods will drop even faster. This is what builds the middle class.

The crash will happen eventually anyway. But if we take these steps now and free the economy, the economy will be radically restructured in about a year, the middle class will be earning real, hard money that gains in value every year instead of loses it and they will become richer. The poor will become the new middle class. Banks will be smaller, the stock market more stable, unions much much weaker if they exist at all, and the distribution of wealth will be much more even throughout the country. And 50 years from now, it will take 5 to 10 years and only 1 salary to pay down a mortgage.

It will be a very hard transition, but either we make it now, or it will be forced on us anyway at some point in the near future. We are supposed to be a light unto the nations. Let’s make  Jerusalem truly of gold. As the only country on the gold standard, gold will flow in from everywhere in the world and the shekel will be stronger than any currency on the planet. Israel will shine as an economic light to the nations as a beacon of honest, hard money for all the world to see.

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About the Author: Rafi Farber blogs at SettlersofSamaria.org.

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4 Responses to “What if Israel Were on the Gold Standard?”

  1. Samuel Ramos says:

    Israel must stay away from the Gold Standard….too much vulnerabliity to currency manipulations by the larger Sovereign Powers!

  2. Samuel Ramos says:

    Israel must stay away from the Gold Standard….too much vulnerabliity to currency manipulations by the larger Sovereign Powers!

  3. The Jerusalem Institute of Market Studies, Boris Karpa, and the Libertarian/Free Market crowd in Israel would be ideal for working on such a proposal.

  4. Rafi Farber says:

    I have a better way. Elect a PM that wants to do it. We only need 62 men. One head of the BoI, and 61 knesset members to destroy the unions and the minimum wage and slash the budget like there's no tomorrow.

Comments are closed.

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