Without a means of controlling monetary infalation you always have corrupt system, as we do now. You cannot protect private property rights, and as such lack freedom. You can argue that all day long but thats reality.
Lack of some sort of standard also creates longer and more extreme cycles. Not the other way around.
The arguement that you have to have equal amounts of gold to back whatever value your giving the dollar is simple minded imho. All you need is some form of gold standard that controls the amount of increase monetary bases.
To argue that you don’t want a gold standard because gov’t can go off the standard and print madly is like saying why have an acoholic give up drinking because some of them go back to drinking.
So barring a gold standard what is the solution?
It’s not the gold that bugs are so fanatic about gold, it’s about how well it preforms the role of a standard.
Please give me the paper where a modern economist says a gold standard creates deflation. I think most austrian economists would insist it is the excess monetary creation which create the environment for deflation.
