The Gold Standard The Gold Standard Institute

Issue #17 15 May 2012 1

The Gold Standard
The journal of The Gold Standard Institute

Editor Philip Barton
Regular contributors Louis Boulanger
Rudy Fritsch
Keith Weiner
Occasional contributors Sandeep Jaitly
Jason Keys

The Gold Standard Institute

The purpose of the Institute is to promote an
unadulterated Gold Standard

www.goldstandardinstitute.net

Patron Professor Antal E. Fekete
President Philip Barton
President Europe Thomas Bachheimer
President USA Keith Weiner
Editor-in-Chief Rudy Fritsch
Senior Research Fellow Sandeep Jaitly

Membership Levels

Annual Member US$100 per year
Lifetime Member US$3,500
Gold Member US$15,000
Gold Knight US$350,000
Annual Corporate Member US$2,000

Contents
Editorial ........................................................................... 1
News ................................................................................. 2
The Trap of Aggregate Measures ................................ 2
Monetary Power to the People..................................... 4
Erroneous Thoughts on Golds Role in the Financial
System Part II .............................................................. 6
Under a Gold Standard, How Are Interest Rates Set?
........................................................................................... 7
The American Corner .................................................... 7
The Right Balance Between Honesty and
Effectiveness ................................................................... 7

Editorial
Gold The Perfect Money
The point is sometimes made, even by golds
proponents, that whilst a gold standard is better than
anything else it is far from perfect. Like many other
things which have been known to be true about
gold, this is in error. Any imperfections are not to
be found in gold, but in peoples perception of what
a monetary system should be and do.
Gold is the one and only money how could it
possibly be deemed to be imperfect? To say that
gold is not the perfect money is akin to saying that
water is not the perfect rain. One may own a bucket
with a hole in it, or have a water source that has
dried up, but the imperfection is not with the water.
In matters of honest dealings gold is inflexible, yet
with regard to monetary liquidity and mobility it is
entirely flexible. In both functions, gold is without
peer. Not only does it provide the perfect (and only)
store of stable value over time; it does so in a way
that rewards only diligent production of needed and
wanted goods and services. Honesty and meritorious
work are rewarded; dumb speculation and fraudulent
dealings are punished. Those who see flaws in gold
are viewing in golds lustre a mirror image of their
own frailties. Gold shows no favours other than to
the honest producer. The most rewarded under the
gold standard are those people who best serve the
community with their goods and/or services. There
can be no other elite under gold; that is why the
current crop of world leaders not only loathe gold,
but fear it. They are correct to do so. Golds return
will see most of them relegated to the insignificance
that is rightfully theirs.
Gold allows no tolerance for manipulators or
fraudsters. The standard of the gold standard refers
as much to the level of behaviour demanded by gold
as it does to the fact that gold is the measure of
value. It is gold, and only gold, that can enforce
decent standards in market participants.
Philip Barton


The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 2
News
Austrian Center: Thomas Bachheimer addresses the
Hayek Institute in Vienna in April.

FOFOA Blog: The Rhyme of the Ancient Gold
Mariner (need to scroll down for it), thanks Dick S.

Alasdair MacLeod: A Plea for Sanity.

24hgold.com: A foretaste of the desperate times in
front of us and the desperate measures that will be
taken. Also, agents of the US government are now
searching people leaving the US for excess cash.

The Trap of Aggregate Measures
We believe that much can be learned by analogy between the
situation at the end of the fifteenth century, when life had
become thoroughly saturated by organized religion, and the
situation today, when the world has become saturated with
politics. The costs of supporting institutionalized religion at
the end of the fifteenth century had reached a historic extreme,
much as the costs of supporting government have reached a
senile extreme today.
~ Source: The Sovereign Individual, by James Dale
Davidson & Lord William Rees-Mogg, page 13

Reuters: Assets eligible under the LCR are split into two
levels: Level 1 which are assets of the highest quality and not
subject to a haircut and Level 2 which are assets such as
government guaranteed securities and plain vanilla corporate
bonds which are subject to a 15% haircut.
If gold is THE ONLY asset that cannot default i.e.
cannot get a 'haircut' then it is the ONLY asset that
could be included as a Level 1 asset end of story -
Jacq Ludwig.

Chris Powell: Gold is limited government, which is
more 'civilized' than the alternative.

Mining.com: Central Bank gold buying.

Time and time again, I seek refuge from the ongoing
insanity of collective economic policies that we
continue to be subjected to as individuals, by
remembering Professor Feketes words of
introduction to the first course of his New Austrian
School of Economics (NASE) back in August 2010.
He referred to Carl Menger as the creator of modern
subjective economics. Subjective, he explained, because
Menger discarded the cost-based objective concept of value
and replaced it with the utility-based subjective one. He
further elaborated that Menger did this by introducing
two axioms:

The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 3
1. The Axiom of Increasing Utility: An economizing
individual, if he has to choose between two portions
of the same good will, other things being the same,
choose the larger portion.
2. The Axiom of Declining Marginal Utility: An
economizing individual having a number of equal
portions of the same good at his command will assign
these portions to the satisfaction of different needs in
order of decreasing priority.
While that may not sound too profound, it does turn
mainstream economics on its head! Economics as
taught in universities and economic thought as it
prevails in practice is, well, divorced from reality. In
fact, heres the thing that had always baffled me
about economics before I discovered the school of
thought called Austrian economics: a separation is
made between the study of decisions made at the
individual level (microeconomics) and the sum total
of all those decisions (macroeconomics).
The result of this separation has led, in my view, to
an artificial construct of reality and the futile attempt
at quantifying human action in aggregate.
Overlooking the link between individual decision
making and societys as a whole may have made the
social science easier to teach and practice, but it has
not served us well. It is high time that we give up
believing in false and debilitating measures of human
action.
By focusing on aggregate measures for economic
growth, inflation and unemployment, we delude
ourselves into believing that we can divorce the
sovereignty of individuals from the total outcome of
a nation-states economy. This gives economists the
pretence of arguing in favour of one policy over
another, simply on the basis of aggregate measures
such as gross domestic product, the consumer price
index and the unemployment rate. Politicians then
end up believing they can affect human interaction!
I was amazed when I realised that Professor Fekete
never uses equations when teaching economics. Yet,
he is a mathematician! Economists pretend to be
mathematicians with their fancy equations, but they
are mere charlatans since their equations are not
based on reality or the truth itself. The whole edifice
of whats known as macroeconomics needs to be
rebuilt from the ground up.
The NASE is reshaping our thinking about
economics. It is demonstrating that economics can
be put on an axiomatic foundation and that, like
mathematics, economics is an a priori science and not
an a posteriori science as it has been made up to be.
To use Professor Feketes words again: Economics,
far from being a theory of choice or decision, is a theory of
processes describing social interaction that bring about
coordination displacing disorder.
The prevailing financial disorder today is directly
attributable to governments and central bankers
having relied on convenient yet over simplistic
economic assumptions and equations. Such models
could never fully account for the complex processes
at work at the individual level in the actual formation
of prices. The result is there for all to see.
Now that we are in over our heads in inordinacy, it is
time individuals reassert their sovereignty and
become less dependent or reliable on the nation-
state. This is actually already happening in very
tangible ways, which is very positive. For example,
Americans have renounced their US citizenship in
record numbers in 2011. The driver there, of course,
is financial repression. Elsewhere, austerity measures
are having a similar effect.
Sovereign states should not have to manage their
economy, nor should the economic wellbeing of
individuals in any society be judged on aggregate
measures of production and consumption that are
disconnected from the actual process of price
formation. Money also should cease to be managed
by the state or by central control. Only then will we
have coordination, order and progress.
Sovereign individuals are the future. The money of
choice of sovereign individuals is not fiat money, but
money whose value is independent of statutory
diktat. History shows that anything else leads to
totalitarianism, sooner or later. Aggregate measures
of economic activity are meaningless without a
sound unit of account. Worse still, such measures
can then be (and are) used as weapons of mass
deception.
Warren Buffet once said: Price is what you pay;
value is what you get. True. But when prices can
be engineered, what you pay is not always what it
costs or is worth. Also, value may well be what you
The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 4
get, but since value is subjective we are back to
square one: the utility of the good or service so
obtained. Remembering that there are no prices
unless there is money is also useful. It takes us back
to the utility of the money itself being used to
transact.
Money today, as far as its value is concerned, is
based on government fiat, which is itself a highly
elastic measure (and, arguably, with an irresistible
bias on the side of falling short). So it is prudent, to
say the least, to measure prices in gold units rather
than doing so only in legal tender units. This
provides the sovereign individual with an alternate
measure of price, using gold as money.
Why gold? Because it just so happens to be the
good which has the lowest declining marginal utility!
Louis Boulanger
Louis holds a B.Sc. from Laval University in Canada; is a Fellow
of the Canadian Institute of Actuaries and the New Zealand
Society of Actuaries; and is a Chartered Financial Analyst.
Prior to coming to New Zealand in 1986, Louis worked for nine
years with a global consulting firm based in Montreal, Canada.
In New Zealand, Louis worked for another global consulting
firm for 18 years, including as Chief Executive of New Zealand
operations for five years. In 2006, he launched his private
practice.
Louis is also Founder & Director of LB Now Ltd, which
provides independent investment advice to private and
institutional clients, facilitates the purchase of bullion for private
and institutional clients as an authorized dealer for BMG
BullionBars and also helps firms comply with GIPS.
For more information of LB Now's services or to subscribed to
Louis' e-letter Prosper! see the contact details below.

P.O. Box 25 676, St Heliers, Auckland 1740, New Zealand
Ph: +64 9 528 3586 Mob: +64 275 665 095
Email: louis@lbnow.co.nz www.lbnow.co.nz


Monetary Power to the People
The critical path to solving the financial problems of
the present day lies in individual people understanding
the individual nature of money. One must learn to
recognize the acceleration and amplification money
provides a person in social interaction, how it
extends inner wishes and desires into the material
world, and tightens the bonds between individuals in
mutual pursuit of common interests.
[A]ll media are extensions of ourselves, or
translations of some part of us into various
materials - Marshall McLuhan, Understanding
Media: The Extensions of Man.
Central to understanding money is the recognition
that the human body is extended and amplified
through media. Media magnify human sensibilities
and reorient human sense ratios. Imagine a wheel
and consider how it extends the human foot,
accelerates and amplifies locomotion, and opens the
imagination to new possibilities in the physical
world. All media act similarly on the human body
and mind.
Money is no exception. Money embodies human
understanding. It represents the concretization of the
human desire to exchange, fosters mutual agreement
between transacting parties, allowing each to satisfy
desires by transferring value through an extension of
themselves and into the material of the money
media.
Money carries as its content perceived human value and
possesses the ability to transform itself into valuable
things. Value originates from the perception of
differences between things and the recognition of
how benefit can be gained from those differences.
As physical objects come into use as money, the
most marketable or saleable commodity in a society
naturally progresses to become money, the
intermediary medium through which value is
preserved from when it is obtained to when it can be
put to other uses.
As a translator and amplifier, money has exceptional
powers of substituting one kind of thing for another. -
Marshall McLuhan, Understanding Media: The
Extensions of Man.
The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 5
Money offers its holder maximum possibilities in
obtaining valuable things. By utilizing the
commodity most marketable to the most people as the
basis of exchange, communities of individuals
objectify a measure of value for efficacy to catalyze the
movement of things between themselves, despite
each having unique and ever-changing value
assessments.
As a vast social metaphor, bridge, or translator,
money - like writing - speeds up exchange and tightens
the bonds of interdependence in any community. -
Marshall McLuhan, Understanding Media: The
Extensions of Man.
McLuhan introduced the concept of media as hot
or cold, a measure of the degree to which
participation is required by the user, and the amount
of data contained as content.
Hot media are low in participation because the
human sense being amplified is saturated with data, a
condition we call high definition. Cold media
demand high participation from their users because
of the dearth of information they contain. By
juxtaposing a cool medium like television with a hot
medium like a movie theatre, the difference in
informational content and degree of definition of the
visual sense being amplified reveals itself.
Moneys catalytic effects on social interaction
compound as it becomes hotter as a medium and
more effective in its facilitation of human agreement
and information exchange. Consider the situation
before the advent of money when exchange by
barter dominated human affairs. The haggle of
exchange demanded total participation by the parties
involved and dictated that no two negotiations were
likely ever the same.
With the advent of commodity money in the form of
the most marketable goods, the degree of
participation in the haggle was reduced, as easily
recognizable standards were employed to simplify
the terms of trade. In the Information Age, human
participation is eliminated as money glows red hot as
a medium and its exchange automated with
instantaneous precision.
We inherit a rich and dynamic history in the
selection of the most marketable goods. Through
thousands of years, on all corners of the earth,
people tested objects with various characteristics as
money and came to develop standards that held over
wider spans of space and deeper tracks of time.
Repeatedly, individuals and communities of greater
and greater numbers came to exchange gold and
silver in the trade of goods and services. Gold for its
marketability in the large, or its ability to efficiently
transfer high magnitudes of valuable decision making
power over space and time, and silver for its
marketability in the small, or its ability to expeditiously
catalyze smaller-scale movements of the same power.
Understanding a persons motivation for money, and
the advantages its acquisition promises to bring him,
remains as essential to understanding the human
condition as ever before. History reveals to us a
miraculous evolution in the logistics of how people
interact socially, how agreements are made and kept,
and the catalytic conditions for the flow of goods
and services.
Two goods were chosen as the best agents of
exchange: gold and silver. These metals met all the
aesthetic criteria people valued to facilitate exchange,
and massive hoards accumulated through time.
Up and until the Age of Abundance dawns, and the
existence of massive hoards is rendered meaningless
by the nanotechnological recreation of even the
most marketable goods, the miraculous circumstance
of possessing gold and silver hoards millennia in the
making blinds us with its reflective light, numbs us
with its latent ability to bring people together and
channel human action towards decidedly valuable
endeavors.
The financial crisis of the present time represents the
clash between thousands of years of hoard building
empires and the global village that exists in the
Information Age. If individuals wish to avoid further
pain and disruption to their economic affairs, they
must educate themselves on the dynamics of money
and the human faculties it serves to amplify.
Anything less and the medium of money changes us
unknowingly, mesmerizes us with magical ability to
transform, and enables the poaching of our actions
to what others deem valuable.
Jason Keys
The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 6
Erroneous Thoughts on Golds Role
in the Financial System Part II
This is the second instalment in a short series of
essays examining common erroneous thought on the
gold standard.
4. A rise in gold mining output will cause a rise in
prices.
This is quite an easy mistake to empathise with.
Especially those with a predisposition to believe that
the linear quantity theory of money is valid at all
scales. Of course, this is not true. Firstly, the amount
of gold produced every year is an exceptionally small
number in comparison to the amount of gold already
mined and above ground. If total annual production
is assumed at 2,500T (a generous estimate) and total
gold stocks are 150,000T (a gross underestimate)
then the ratio of mine production to total stocks
comes in at c. 1.7%.
Does this mean that prices must rise at a rate of at
least 1.7% per annum? Of course not! As was
espoused in the last journal (point 2) gold has its
primary interaction with the interest rate (i.e. bond)
market. Gold is the medium through which the
people express their opinion on the rate of interest.
If, for some (very unlikely) reason gold mining
output tripled to 7,500T, it would still be only 5% of
total existing gold stocks.
Furthermore, the result of this excess gold would be
a sharp lowering in the rate of interest before
anything else. There is no particular inductive
thought that results in rising prices from this action
per se. For sure, enterprises that were sub-marginal
at a higher rate of interest might no longer be, but
this has no general predictable consequence on the
price level.
5. Governments that do not have gold will be at a
severe detriment under a return to a gold standard.
This begs the following question: what is more
important, the governments gold stocks, or their
gold flows? A government with 5,000T of gold
reserves, but no gold income is in a much more
perilous state than a country with no gold reserves
and a gold income of 100T per annum (say.) One
cannot have ones cake and eat it. What matters
infinitely more for a government than its gold stock
is its ability to induce gold income. With a gold
income one can accumulate stocks, whereas with
stocks one cannot necessarily induce a gold income.
6. Gold has no use. Therefore it's inappropriate to
use as the exchange media.
This kind of statement is usually accompanied by a
basket of commodities such as copper, oil and gas
would be a better exchange media than gold, because
they have a direct use. Use is a purely subjective
concept and to say that gold has no use bypasses the
true nature of utility. It also shows the ignorance
with which the average economist covers themselves
in regard to the concept of value.
Delving slightly deeper with the concept of using a
basket of useful commodities for money, we end up
with a potential problem. The marginal utility of
everything, apart from gold and silver, falls very
quickly. This is reflected by the very low stocks to
flow ratio of these commodities. Should there be a
glut or shortage of these commodities, their
exchange value will move violently. Consequentially,
any entity priced in this commodity or basket of
commodities will move violently in exchange
value. But this will have nothing to do with the entity
itself, but the basket of commodities with which it is
priced. Gold and silver are the only commodities on
the planet where this does not appreciably apply.



Sandeep Jaitly
Sandeep is a fund manager at First International Group plc. in
London. He manages a global equity fund as well as a gold and
silver fund, the operations of which are based on ideas
developed by Professor Fekete. For more information about
First International Group plc., please visit www.figplc.com.
Sandeep founded Fekete Research in 2011 to preserve,
disseminate and expand upon the works of Professor Fekete.
For more information please visit www.feketeresearch.com.
The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 7
Under a Gold Standard, How Are
Interest Rates Set?
Today, short-term interest rates are set by the diktats
of the central bank. And long-term interest rates are
set in a market in which the central bank is obliged
to keep coming back to buy ever more bonds, and
speculators front-run the central banks to buy ahead
of them. The result has been that, for 30 years and
counting, the bond price has been rising, which is
the same as to say that the rate of interest has been
spiralling into the black hole of zero. When it gets
there (and probably sooner) the entire monetary
system will collapse.
This is the terminal stage of the disease of
irredeemable paper currency. They have banished
money (gold) from the monetary system, and the
result is a positive-feedback-loop that destabilizes the
rate of interest. The rate of interest has a propensity
to fall, just like the value of the paper currency itself.
This leads to the question of how interest rates are
set by a free market under a gold standard. This is a
non-trivial question, and the answer is profoundly
important as we debate what sort of role gold ought
to play and evaluate the various gold standards being
proposed.
If people are free to own gold coins directly, then
the mechanics of setting the rate of interest are
simple. Lets define a term. The marginal saver is the
saver who could go either way, either holding a bond
or a gold coin. If the rate of interest ticks
downward, he will sell the bond (or withdraw his
money from the bank, thus forcing the bank to sell
the bond) and buy the gold coin. He would rather
hold the gold than commit to the time and risk for
such a low interest rate. If the rate of interest ticks
upward, he will buy the bond (or deposit his coin in
the bank).
The marginal saver sets the floor under the rate of
interest. It cannot fall below his preference or else
he will vote with his gold. His preference has real
teeth (unlike today).
Now lets define one more term. The marginal
entrepreneur is the entrepreneur whose rate of profit is
the lowest possible, while still being viable. If his
profit falls for any reason, such as due to a rise in
costs, he will shut down his enterprise. One cost is
the cost of capital, i.e. the rate of interest. No
entrepreneur can borrow at a rate higher than his
rate of profit, and the marginal entrepreneur is the
first to buy the bond and sell his capital stock at an
uptick in the rate of interest. He is the first to sell a
bond and buy capital stock at a downtick in the rate.
The marginal entrepreneur sets the ceiling over the
rate of interest. It cannot rise above his ability to
pay, or else he will vote with his capital stock. He
also has teeth.
Under a proper gold standard, the rate of interest is
kept in a band that is not only narrow, but which is
also stable over long periods of time. This is the
principle virtue of the gold standard. It does not fix
the level of prices, which would be neither possible
nor desirable. It keeps the rate of interest consistent,
which serves the interests of wage earners,
pensioners, and other savers, and of entrepreneurs
whose work provides the goods, services, jobs, and
interest payments on which everyone else depends
(and which they take for granted).
When evaluating any proposed gold standard, one
should ask the question: how will it determine the
rate of interest?
Keith Weiner
President of the Gold Standard Institute USA
The American Corner
The Right Balance Between
Honesty and Effectiveness
The American Corner is a new regular column by Keith
Weiner, the president of the Gold Standard Institute USA.
It will discuss issues in America, or from the American
perspective, but which have applicability and interest
worldwide.
Everyone who fights to attain a goal in the realm of
politics must deal with this issue, even if only
implicitly. Our enemies, the supporters of the status
quo, lie, cheat, and publish endless torrents of
propaganda. Should we not take off the gloves
and say and do anything to promote our agenda?
Why should we restrict ourselves to the truth when
The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 8
our enemies have no rules, and can do anything to
achieve total victory? This is something that I must
contemplate as I begin putting together the vision,
ideas, strategy, tactics, people, and processes of the
Gold Standard Institute USA. Is this a war in
which our goal is to kill all enemies by any
means whatever? Or is this something else, in which
there are principles that guide us to act appropriately,
or even morally?
Lets look at an example in the global warming
movement. Stephen Schneider, an early leader and
advocate, was the founder and editor of the journal
Climatic Change. The anthropogenic (man-made)
global warming theory has a challenge. In the words
of Professor Schneider, it is this.
And like most people we'd like to see the world a
better place, which in this context translates into our
working to reduce the risk of potentially disastrous
climatic change. To do that we need to get some
broadbased support, to capture the public's
imagination. That, of course, entails getting loads of
media coverage. So we have to offer up scary scenarios,
make simplified, dramatic statements, and make little
mention of any doubts we might have. This 'double
ethical bind' we frequently find ourselves in cannot be
solved by any formula. Each of us has to decide
what the right balance is between being
effective and being honest.
1

There is another example that is close to home.
Gary North said this.
We need intellectual organizations that deal with
theory, history, and fundamentals. An example of
such an organization is the Mises Institute. It was
founded in 1982 by Rothbard and Lew Rockwell. It
is devoted to producing theoretical materials, historical
materials, and commentary on what is wrong with
contemporary politics and economics. It is tied to a
specific worldview, that of Austrian School economics.
Because Murray Rothbard was also a
revisionist historian, better known as a
conspiracy theorist, the Mises Institute also promotes
revisionist history. This is necessary, because
history books are written by the victors of political
battles, and the victors of political battles in the United
States after the presidency of Grover Cleveland have
been statists.
2

I submit for your consideration that there is no
balance between honesty and effectiveness. By
framing it this way, Schneider is confessing that the
truth does not serve his cause! I think people are not
so stupid. I think they get it. Though it may have
taken a decade or two, people are now cooling off to
the claims of man-made catastrophe, the Luddite
view that mans very success with science and
technology sows the seeds of his own destruction.
Now, lets look at the statement from Dr. North.
North is claiming that it is necessary to revise
history, which means to lie! Why is this necessary?
Well, our enemies are liars, he asserts, so we must be
liars too. A lie can only be fought with more lies(?).
I further submit for your consideration that this idea
would be welcomed by Stalin, Hitler, Castro, Mao, or
Kim (North Korea). Five out of five mass-
murderous dictators agree.
Only if you promote false or dishonest ideas, do you
need to lie. True and honest ideas (such as honest
money) do not need a balance nor do they need to
revise history. In the case of gold, it is truth,
honesty, and accurate history that will promote a
proper, unadulterated gold standard. The more
people who understand it, and the better they
understand it, the faster the world will rediscover
gold.
We, the gold movement, have no embarrassing
skeletons in our closet, such as mass delusions or
mass murder.
Here is another quote from the same piece by North.
"What we find is that think tanks get into resistance
more. They abandon reversal mode. They see that
reversal is impossible, so they try to slow down the
juggernaut. They recommend surrender by degree."
Yes, Dr. North is correct. If you abandon reality and
reason, then you have become the enemy. We
have won is the same as they have won. You are
no longer fighting for fact, logic, or morality. What
are you fighting for? Power. Once you realize this is
it, just a struggle for power, then your whole
perspective changes. You join the ranks of all of the
courtiers (or should that be courtesans?) in
Washington. You use strident rhetoric to create and
The Gold Standard The Gold Standard Institute
Issue #17 15 May 2012 9
maintain a constituency. The size and money of
your constituency determines how much influence
you have over the legislative process. And influence
is power. Thats what you want, after you have
ceased to be you and have become one of them.
Lets not have this happen to us.
Keith Weiner
President of the Gold Standard Institute USA

Notes:
1. Discover Magazine, pp. 4548, Oct. 1989.
2. http://mises.org/daily/6026/Think-Tanks-and-Liberty