The recent move up in the price of gold has strengthened the hand of the camp of gold bugs. But this is a tiny camp. Among professional economists, support of a gold coin standard is limited mainly to members of the Austrian School, which has been a tiny minority in the profession. There are a few supply-side economists who call for a government-run monetary system comprised mostly of credit money, which in turn is created by a government-licensed monopoly, the commercial banking system. Behind this monopoly stands another government-licensed monopoly, the central bank. The number of academic economists who believe … Continue reading Gold Isn’t Money