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Politics : Libertarian Discussion Forum
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To: I Am John Galt who wrote (320)7/1/1998 2:08:00 PM
From: Daniel W. Koehler  Read Replies (1) of 13060
 
matty

Re: Forbes and the Gold standard.

You really need to read your economic history. Fiat money such as we have now helps government to debase the value of the currency. Fiat money enables government to expand without limits because it can issue unlimited debt. The gold standard forces the government to limit the amount of debt is can issue to some fraction of its gold reserves (or whatever commodity to which you wish to peg the currency). It also allows consumers redeem paper for specie, which has a commodity value.

As an exbanker and student of economics, Forbes' idea has great appeal because it would limit government's power of the purse and thus limit its power to meddle further in our lives.

Ciao,

Daniel

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