Sound Monetary Policy in Under 40 Words

This will be brief, appropriate to the topic at hand.  It consists of a quote from Milton Friedman, found in Joseph Salerno’s outstanding book, Money, Sound and Unsound, p. 366:

If a domestic money consists of a commodity, [such as] a pure gold standard or cowrie bead standard, the principles of monetary policy are very simple. There aren’t any. The commodity money takes care of itself.  [emphasis added]

Imagine that.  If we have sound money we don’t need the Fed.  Or Congress.  We just need sou...