Russia and China would never go for it, since they are principal gold miners and gold reserves are way to avoid being the victim of Western economic warfare led by the US.
Moneyness
Adopting a clean gold standard
JP Koning
Moneyness
Adopting a clean gold standard
JP Koning
2 comments:
Clean gold would be defined as all gold in existence before a fixed cutoff date, say December 31, 2023
A fixed or slowly* growing money supply rewards money hoarders and is thus a recipe for economic stagnation. It also loots the young via wage deflation.
The true solution is ethics wrt fiat creation and use; not a stupid shiny metal.
*relative to population growth and potential real economic growth
The title is a little misleading I think. I don’t think he is advocating that our current money system be gold based, he is simply arguing for changes to the gold market
I agree with him that it is crazy that industrial users of gold have to be at the mercy of the vagaries of the gold market and it’s wild swings due to conspiracy minded libertarians
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