The Fed's use of time and authority, for good or ill, brings a common standard to the markets which is independent of the market. I think Gelfond is right. The continuing inflation of the money supply via the Fed is the reason prices have not had an orderly deflation over the last 5 years. I wonder what Steve Forbes thinks of Gelfond's idea. Bob Gelfond is absolutely correct.
Money is fundamentally no different from any other good.
It just happens to be the most liquid one and convenient to use as a medium of exchange, rather than rocks, chickens, cattle, gold coins, etc. And those who produce these inferior goods will have to find other work. Finally someone who understands that money is a creation of the market. Having the government dictate the supply and quality of money makes as much sense as the government monopoly control over pencils. At first blush it sounds a little crazy.