Home > Miscellaneous Musings, Predictions > Reasonable arguments against a return to the gold standard

Reasonable arguments against a return to the gold standard

Edward Conway from the UK’s Telegraph has written a considered piece on the problems of returning to the gold standard, most of which I accept.

I would add these points however:

1.  So what if a gold standard is incompatible with democracy?  I tend to agree but as an anarchist I’m not too fussed about it.  We did without democracy and fiat paper for 4500 years.  I suspect we’d survive without them again.

2.  A gold standard is incompatible with corrupt, counterfeiting fractional reserve banking.  Boo-Hoo.  So what?  Again I agree, but that’s the whole fucking point, you idiot. 

3.  If you think launching into the ‘unknown’ of a gold standard that’s been tried and proven to work for over a century (19th) and has formed the basis of Western Civilization’s monetary system for 4500 years is scary, and yet pushing forward with a fiat paper experiment is not scary, when every attempt at this fucked system (China many times, John Law’s France, Weimar Republic, Zimbabwe…) has failed, then you’re crazier than Krugman.

Yes, careful thought would need to go in to the plans to get out of the current mess and transition to gold, but like the transition that the USSR made, we would eventually come through the tunnel.

I’d prefer to start on the journey now and take the pain, than see further ecological, environmental and economic disaster from the current corrupt, insane destructive fiat money system.  We’ve almost completely run out of real silver (stocks are at their lowest in 200 years and there is predicted to be a silver crisis within 5 years), commodities are skyrocketing and the smart money is pouring into fertilizer and farmland.  I see starvation for a significant proportion of the present population.

There is a simple solution: (1) Repeal legal tender laws (2) Abolish central banking worldwide (3) Remove guarantees on bank deposits.  (4) Let the cards fall where they may.

God help us if this simple plan is not adopted.

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