I wrote to the Idaho representative, Mat Erpelding, who made the comments about gold.RW note:
I looked up his email address and wrote to him. I snagged your comments (as they were better than anything I would have had time or energy to come up with) and threw it into the letter and sent it off.
Surprisingly, he wrote back. See below.
I read your remarks about gold.
“If we say that gold is going to protect us from inflation, I want to point out that in 1868, gold was $27 an ounce, and today gold is $1,218 an ounce. So, we can’t say that gold is going to protect us from inflation when you have that type of a price range over the last hundred years. So, I just want to point out that facts are important."
Rep. Erpelding, please understand that if the price of gold has climbed from $27.00 per ounce in 1868 to a present value of around $1,218.00 an ounce, it means that gold has maintained its purchasing value in the face of the declining purchasing value of the Federal Reserve controlled U.S. dollar.
Yep. I messed up my argument.
Rep. Mat Erpelding
House Democratic Minority Leader
PO Box 1697
Boise, ID 83701
Since receiving Mueller's email, I also have written to Rep. Mat Erpelding:
Dear Rep. Mat Erpelding,
It has come to my attention that you have admitted your mistake with regard to your comments on gold as an inflation hedge (A Response from the Idaho Representative on His Incoherent Argument on Gold as an Inflation Hedge).
It is really rare to see a politician admit a mistake. Bravo! I was fully expecting you to blame it on Adam Smith, the Russians or, perhaps, Roger Stone.
Under separate cover, I have sent you a copy of my book, The Fed Flunks: My Speech at the New York Federal Reserve Bank. I hope it proves informative about money and the Federal Reserve, for what I suspect will be a long political career for you.
Editor & Publisher
San Francisco, CA
Rep. Erpelding's response to me:
Thank you. We all make mistakes and I made a big one! I will read your book!Mat