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Politics : Libertarian Discussion Forum -- Ignore unavailable to you. Want to Upgrade?

To: Daniel W. Koehler who wrote (356)	7/1/1998 4:05:00 PM
From: MeDroogies	Respond to of 13060

This issue is not clearly defined well by the Libertarians...I AM a proponent of fiat currency. Why? Because a lack of gold during a period of growth can lead to rapid stagnation, as the government cannot issue more money to meet the needs demanded by growth. As a result, monetary shortages result, and deflation sets in...killing growth. Fiat currencies can be well managed, and have been. There is a vast store of economic history and econometric models that back the preferability of fiat vs. gold-back currency. The gold standard killed farmers at the turn of the century, hence the rise of WJ Bryan and his infamous "Cross of Gold" speech. A fiat currency would have prevented many of these problems.