Monetary policy…as taught to us by Dorothy

In the Wizard of Oz, author Lyman Frank Baum created his story…a story built upon the premise that a money supply based upon gold could be subject to manipulation. Manipulation by powerful East Coast and West Coast banks. I.e.:, by the Wicked Witch of the East, and the Wicked Witch of the West.

If you recall in the movie, Dorothy would only remain safe on the yellow brick road if Dorothy were to wear her silver slippers. The yellow brick road in Baum’s book represented gold. Gold…not safe. And Dorothy’s slippers? Those slippers were silver. Silver was good. Silver was safe. According to Baum.

A United States monetary policy based upon silver – and not gold – was the author’s preference.

Monetary policy…according to author, Lyman Frank Baum.