My article, “In Defense of the Gold Standard“, is published today over at Mises.ca.
It is ironic that the reasons people give for disliking the gold standard (and I quasi-erroneously use “gold standard” as a shorter term for “gold money”) are exactly the same characteristics that these same people see as flaws in fiat currency (I am referring here to people who complain against price inflation). I argue that these are not reasons to dislike gold; these are the reasons why the gold standard is preferable to fiat paper money.
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The U.S. Governement had 350 billion in total debt in 1970. We now have 15.1 trillion in debt and run 1.3+ trillion dollar yearly deficits. When does this fiat currency regime end?
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