Saturday, November 28, 2020

Tag: The Gold Standard: Protector of Individual Liberty and Economic Prosperity

The Gold Standard: Protector of Individual Liberty and Economic Prosperity

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by Antonius Aquinas, via Acting Man:

A Piece of Paper Alone Cannot Secure Liberty

The idea of a constitution and/or written legislation to secure individual rights so beloved by conservatives and among many libertarians has proven to be a myth. The US Constitution and all those that have been written and ratified in its wake throughout the world have done little to protect individual liberties or keep a check on State largesse.

The Gold Standard: Protector of Individual Liberty and Economic Prosperity

by Peter Schiff, Schiff Gold:

Most of the mainstream view the gold standard as an archaic relic from a bygone era. At best, a return to some kind of gold standard is unnecessary. At worst, it would plunge the world into economic chaos.

Conventional wisdom holds that a gold standard would make boom-bust cycles worse. (This is a myth.) Paul Krugman even tried to claim the gold standard prolonged the Great Depression. (Economist Bob Murphy shreds this fallacy in his It’s Your Dime interview with Mike Maharrey.) But the real reason central bankers and politicians hate the idea of a gold standard is that it takes power out of their hands.