A good point made by FOFOA on this topic regarding the gold standard vs fiat:
“The next time you hear someone waxing eloquent — and, in all likelihood, incoherent — about the marvels of the gold standard, ask him this: ‘Why don’t you trust the free market?’ This question is intended to elicit what I like to call a rude awakening.
“Be prepared for a blank stare, followed by ‘Huh?’”
“A gold standard is a promise made by a self-licensed professional counterfeiter that he will always stand ready to redeem his pieces of paper and official digits in exchange for gold at a fixed ratio. As the mid-1950’s comedian George Gobel used to say, ‘Suuuuuuure he will.’”
We are past the old fashioned gold standard and will not return to it is my bet. The separation of the money functions with fiat as medium of exchange and physical gold as store of value, as well as the reference point for currencies, seems the best solution and logical endgame of the current trends.
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A good point made by FOFOA on this topic regarding the gold standard vs fiat:
“The next time you hear someone waxing eloquent — and, in all likelihood, incoherent — about the marvels of the gold standard, ask him this: ‘Why don’t you trust the free market?’ This question is intended to elicit what I like to call a rude awakening.
“Be prepared for a blank stare, followed by ‘Huh?’”
“A gold standard is a promise made by a self-licensed professional counterfeiter that he will always stand ready to redeem his pieces of paper and official digits in exchange for gold at a fixed ratio. As the mid-1950’s comedian George Gobel used to say, ‘Suuuuuuure he will.’”
We are past the old fashioned gold standard and will not return to it is my bet. The separation of the money functions with fiat as medium of exchange and physical gold as store of value, as well as the reference point for currencies, seems the best solution and logical endgame of the current trends.
LOVE! FOFOA
I fear you are right about not returning to the gold standard. Well, we’ll need to institute our own personal gold standards then!