Essay: THE WHOLE WORLD IS MONEY-HUNGRY

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The tragedy of the world's current unrest over gold and money is that it forces nations to take capital-curbing actions that may be necessary today but will be dangerous tomorrow. The way to expand capital is not to clamp chains on its movements but to scrap them, not to reduce foreign aid but to increase it. One step to capital freedom would be a reform of the world monetary system and an expansion of international reserves. That would remove some of the pressure on the dollar, enable the U.S. to enlarge its foreign loans, investments and aid.

Capital has almost always been tight, and will always be tight so long as society is dynamic and man creates new needs. If the scarcity causes investors and governments to size up projects more carefully and make sensible priorities, it will be all to the good. The problem is that the majority of the world's population has urgent needs that will not wait. It is primarily a lack of funds that compels many people to live in shacks, to send their children off to work instead of school, and to die young. Only if they succeed in expanding their capital will men be able to dominate the forces of nature.