Misguided Demand For A Return To The Gold Standard

Western Central Banks Are Culpable For The Great Recession

There is little doubt in my mind that the central banks (big government entities) of Western countries are to a large extent responsible for the Great Recession and the rapid and unsustainable expansion of government debt that has occurred over the past two decades.

Twice in the last ten years Western central banks have lowered the price of money (key interest rates) to nearly zero for extended periods of time and they still continue this reckless policy as I write this blog. In at least to other, previous blog posts, I have discussed this issue in more depth.

Return To Gold Standard To Reform The Monetary System

Thus, it is understandable that central banks have finally come under enormous scrutiny. Alternatives to the current, perceived to be broken, monetary system are being considered. One possible alternative, which has garnered some popularity, is the call for a return to the Gold Standard.

Digital Money Is Next

Gold is totally antiquated and nostalgic. We are on the cusp to introducing digital money.

Gold is easily manipulated and dependent on mining, jewelry demand, and human save haven fears.

Only Luddites would call for a return to the Gold Standard. The only thing, I believe, was a benefit of the Gold Standard is that it quasi represented a single, global currency or a point of reference with all its consequences.