shrine to the prophet of americana

what do you think of the gold standard?

Anonymous asked: what do you think of the gold standard?

I admit there are vulnerabilities in the central banking/fiat system of currencies but we’ve got a decent track record of avoiding them and even in those countries where shit goes kablooey it only does so periodically and usually in response to external shocks that were going to fuck *something* up.

On the other hand we’ve gone without a central bank, or on a gold standard before, and not only does that system have its own vulnerabilities

(market corners, speculative attack, the whole economy going crazy in one direction or another because the mining industry or war expenditures on the other side of the world were not particularly concerned with the American business cycle, shortages of specie that choked the economy until they were innovated around through introduction of private currencies issued by multiple non-central banks that would then completely collapse because they weren’t backed by taxation backed by a repressive apparatus)

, but they happened ALL THE FUCKING TIME

Tagged: history amhist