Corporatism & Money

What is the role of monetary policy and the gold standard, with regard to government levers on the economy, and corporatism? There is certainly a grand role for it. I will post more on this later, but a few words (p.105) from Garet Garrett on inflationary money policy (speaking of a law of 1933):

The law reads: "That every provision contained in or made with respect to any obligation which purports to give the obligee a right to require payment in gold, or a particular kind of coin or currency, or in an amount of money of the United States measured thereby, is declared to be against public policy; and no such provision shall be contained in or made with respect to any obligation hereinafter incurred."

It follows, literally, that it is now unlawful in this country for a borrower, be it the Government, a corporation or a private person, to promise that the value of what is to be paid back shall equal the value of what was borrowed. The ostensible reason for this amazing prohibition is that the Government shall be free by fiat to fix the dollar at any value it may deem expedient; that it shall have the power to say of a 50-cent dollar, a 25-cent dollar or a 5-cent dollar , as it has already said of a 60-cent dollar, "This is the standard dollar and full legal tender in settlement of all obligations." It follows again, literally, that no one knows today what the value of the dollar will be tomorrow, or a month hence, or a year from now. The Government itself does not know. And that is now the state of the currency.

What a perspective. Do we know? We think we know because we think we know inflation, and we think we accurately predict it. But, as anyone who has looked into the CPI much knows, we don't really. Not even close.