The Christian Science Monitor calls for a gold standard. I am neither a Christian or a Scientist but I agree completely:
A gold standard offers exactly the kind of discipline that’s missing from the Fed. But its impact would be wider: Both in substance and in symbolism, gold provides integrity to the entire global financial system. Governments, however, have historically bridled at the constraint and accountability a gold standard brings. After all, when currency can be exchanged for gold, it’s harder for governments to inflate the money supply, which they’re tempted to do in order to spend beyond their means or cheat on their debts.
The article was written by Walker Todd, an economic consultant with 20 years’ experience at the Federal Reserve Banks of New York and Cleveland, is a research fellow and conference organizer for the American Institute for Economic Research in Great Barrington, Mass. Read the whole thing.