What the gold standard really is, fundamentally, is a rule that the nation's monetary stock should be determined, not by central bankers, but by miners. Why that should be regarded as an improvement by anyone, I cannot understand....
Why, after years of the market's neglect of gold, is the paper money price of gold now on the rise? Would it be too far-fetched to assume that it could reflect market agents' growing concern about a forthcoming great...
To answer a reader question, I revisited Rothbard's transition plan for 100% gold. This is cut and pasted from the Mystery of Banking (Richardson and Synder, 1983), pp. 265-267.
Money printing—even at a constant rate—is going to generate the same result as any other money printing. The reason lies in the fact that money creation transfers wealth from productive to unproductive enterprises.
Why, after years of the market's neglect of gold, is the paper money price of gold now on the rise? Would it be too far-fetched to assume that it could reflect market agents' growing concern about a forthcoming great...
