Abandoning the Gold Standard was good on the whole: it benefited business and working people; but it came at a price for savers in terms of inflation. Governments could print or “quantitavely ease” as many dollars, euros, or pounds as they wanted.
Charliehall says returning to the Gold Standard would withdraw 95% of the currency in circulation. Putting it the other way, 95% of the currency is not backed by gold. Also, the trillions of dollars of gold and economic wealth supposedly backing currencies are measured in terms of inflated dollars themselves. That is why the price of gold has rocketed.
ujm asks where between the currencies he lists would I put cryptocurrency. The answer is none of them. They are comparable to gold: they have no intrinsic value. They are worth what people will pay for them, knowing that the amount in circulation is limited. No government in the world can flood the market with bitcoin.
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