Home > Miscellaneous Musings, Predictions > Silly comment about fiat money and the gold standard

Silly comment about fiat money and the gold standard

At the end of Peter Schiff’s excellent presentation a weasel asks the obvious but naive question: If all countries are off the gold standard, then even if we go back on it, won’t we just all go back to fiat money eventually anyway?

I ask another question:

Given all fiat systems have had lifespans of around 50 years (or less) and given ours has had a lifespan of 40 years already, how long is it before we return to gold by default?  And given all fiat systems have returned to gold or silver anyway following hyperinflation, what’s to say this doesn’t happen again?

In other words, money goes in cycles.  No trust, a return to gold.  Trust, a return to fiat money.

We have no trust.  Trust is breaking down.

So we will return to gold.

Simple.

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