From National Review Online’s David Frum:
What the gold standard really is, fundamentally, is a rule that the nation’s monetary stock should be determined, not by central bankers, but by miners. Why that should be regarded as an improvement by anyone, I cannot understand.
Let me add one final note. Even to treat the gold standard as a live option is to utterly misunderstand modern finance. It can never be restored, even if anyone were foolish enough to try, for a reason brilliantly explained by John Maynard Keynes almost nine decades ago….
It’s all here. (Thanks to T.C.)