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Of course it’s suspicious. A floating fiat based system is a great tool to enslave the global population. Backing a currency by gold erodes this tool by constra
by tmn 4y ago
Of course it’s suspicious. A floating fiat based system is a great tool to enslave the global population. Backing a currency by gold erodes this tool by constraining the ability to grow and manage debt
- PaulHoule 4y agoThe American populists thought that the gold standard was a great tool to enslave the American population. Back then it was unthinkable that farmers would be able to invest to say, buy fertilizer: https://en.wikipedia.org/wiki/Cross_of_Gold_speech https://en.wikipedia.org/wiki/Cross_of_Gold_speech The "goldfinger scenario" that goldbugs dream of is the collapse of the global economy which is orders of magnitude too big to be served by the amount of gold we have, they hope that they'll get to live like French aristocrats before the revolution.
- car_analogy 4y ago> Back then it was unthinkable that farmers would be able to invest to say, buy fertilizer This seems very misleading. It wasn't unthinkable in 1969, when the gold standard was still in place. > they hope that they'll get to live like French aristocrats before the revolution. While not a goldbug myself, ascribing base motivations to adherents of some idea is a poor substitute for an argument against the idea itself.
- PaulHoule 4y agoUnder Breton woods the gold standard was managed in a way quite different from the pre WWII regime.
- imtringued 4y agoWhat? Having debt in a gold standard is worse because your debt grows every year without your agreement just from the price of gold going up. Inflation is basically a crude continuous debt jubilee which is good for debtors.