Economics/Class Relations

Should the Dollar Be Backed by Gold?

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WEDNESDAY, AUGUST 21, 2024
When the baker provides the dentist with bread and the dentist relieves the baker’s toothache, neither the baker nor the dentist is harmed. It is wrong to consider such an exchange of services and the pillage of the baker’s shop by armed gangsters as two manifestations of the same thing. Foreign trade differs from domestic trade only in so far as goods and services are exchanged beyond the borderlines separating the territories of two sovereign nations.
– Ludwig von Mises, Human Action [1949]

HORNBERGER’S BLOG
August 21, 2024
Should the Dollar Be Backed by Gold?
Amidst all the talk about the Federal Reserve’s high interest-rate policy to combat its many years of monetary expansion and debasement, some people advocate the restoration of the monetary system on which the United States was founded — one in which, they say, the dollar was “backed by gold.” But there is one great big flaw in that idea: Under America’s founding monetary …
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