Free-market capitalism, based on a gold standard, they’ll say, is what causes the boom-bust cycles. When it is actually fiat currency and central banking that causes these problems!
How can you base a monetary system on some arbitrary metal that exists in some arbitrary amount? I’m not saying that the fiat system is better, but a monetary system based on gold just seems like it would be totally random (although the Fed seems pretty random most of the time too).
What if the Earth were hit by a giant meteor made entirely of gold? Instant deflation? Maybe that’s what killed the dinosaurs.
