I always hated fiat currency, but I think I've come to grips with its necessity. The one thing a gold standard currency can't seem to do is control demand for i

I always hated fiat currency, but I think I've come to grips with its necessity. The one thing a gold standard currency can't seem to do is control demand for it, thus its value can skyrocket. When you think of currency as a commodity, under a spiking demand their is no way to control supply so you get deflation. Rampant deflation maybe more destructive than inflation unless negative interest rates were to become socially acceptable, which I don't think is realistic. Without negative interest rates deflation makes repayment of loans impossible and rewards hoarding which will continue the deflation cycle.