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Gold is obviously not just an "arbitrary natural resource." There's a reason why we say "gold standard" and not "silver standard," "aluminum standard," or even
by tboyd47 6y ago
Gold is obviously not just an "arbitrary natural resource." There's a reason why we say "gold standard" and not "silver standard," "aluminum standard," or even "dollar standard." Nevertheless, it was only a fun thought experiment (which is what most economic arguments boil down to).
- murderfs 6y agoThe "gold standard" just happened to be the last one to be abolished: it was only really predominant around the 1800s. Silver was by far the most prevalent metal used in currency for millenia, to the point where almost every single modern currency is named after a silver coin.