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> The replacement will probably be a multinational currency with strictly controlled quantity tied to [...] probably [...] gold. This is econolibertarian fan f
by ajross 10mo ago
> The replacement will probably be a multinational currency with strictly controlled quantity tied to [...] probably [...] gold.
This is econolibertarian fan fiction. Literally no one wants that except people already involved in speculating[1] on gold. Are there bad externalities to relying on a unlitaterally controlled reserve currency? Yes. Are they made better by handing financial control over to a bunch of fucking mine and vault operators? Let's be real, here.
Basically this idea appeals to people who've convinced themselves they can get rich betting on financial policy and stay rich by burying their loot in their metaphorical backyard.
[1] The very fact that such speculation even exists should be a triple exclamation point red flag on any argument about hard currency, but alas no.
- RealityVoid 10mo agoYes, thank you. My puny mind can't even understand how people come to be convinced that gold should be the end all be all of international trade.
- blibble 10mo ago> This is econolibertarian fan fiction. I guess you never heard of the XDR? it was tied to gold https://en.wikipedia.org/wiki/Special_drawing_rights#Alternative_to_U.S._dollar https://en.wikipedia.org/wiki/Special_drawing_rights#Alterna... ... and could be again, if the US regime continues its incontinence
- ajross 10mo agoSDR valuations were tied to gold when the USD was still gold-based. Needless to say Bretton Woods didn't survive that transition at all. Again, it was a failed (!) experiment, not a recipe to try again. Believing otherwise is fan fiction.