There is great confusion about the gold standard, for the same reason that there is great confusion about the free market: hardly anyone understands it. This includes academic economists. Let me get in my fiat monetary unit’s two cents’ worth: What the world doesn’t need now, has never needed, and has never had, is a gold standard. What it needs is a monetary system that is run solely through voluntary contracts. What the world needs is economic freedom, out of which a monetary system will emerge, probably using gold for large transactions. There are proposals for various monetary systems that … Continue reading Gold Standards