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New York Sun: Ronald Reagan's gold

Section: Daily Dispatches

From the New York Sun
Monday, February 22, 2016

One of the most remarkable campaign videos of the primary season has been on the air in Nevada in support of Senator Cruz. Headlined "Finish the Reagan Revolution," it shows Ronald Reagan warning, as he was campaigning for president in 1980, of how the betrayal of the gold standard in the 1960s led to the inflation that was then destroying the American economy. He warned that we'd never regain price stability until we restored some form of gold backing to the dollar.

Then the video turns to Mr. Cruz's now famous reply to Rick Santelli in the GOP debate in Colorado, where the Texan declared that the Federal Reserve should get out of the business of "trying to juice our economy and simply be focused on sound money and monetary stability, ideally tied to gold." It led us to the conclusion that Mr. Cruz was the man most likely to advance the cause of monetary reform in the current campaign.

All the more so as we learn the backstory to the Reagan tape. We're told by Jeff Bell, who was involved in making Reagan's tape, that the footage was one of a handful of commercials Reagan had taped at a session in January 1980. After it was recorded, Reagan telephoned Mr. Bell and asked him to put the gold commercial off to one side. "But," he ordered, "don't erase it." And so it has sat off to the side until this season. ...

... For the remainder of the commentary:


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