“To understand why gold works, as a standard of monetary value, you have to understand what makes good money. Today’s cryptocurrency enthusiasts are rediscovering what monetary thinkers have always known: that the best money is stable money, or, as I like to term it, Stable Money — money that is stable in value….Ideally, a currency would be perfectly stable in value. The market economy is organized via prices, profit margins, returns on capital and interest rates. Changes in the value of the currency derange this process, creating chaos and havoc….In practice, such idealized perfection is not quite possible, so we have to go with the next best thing. The next best thing is gold: the thing that most closely approximates this ideal of stability of value….Gold’s performance as a standard of Stable Value has been exemplary. It is, actually, a lot better than one might rationally expect. The things that the gold standard made possible — such as the extraordinary stability of bond yields during the nineteenth century — have never been replicated under fiat currencies….Economies work best when currencies are stable in value. Once we know what the goal is, we then look for a way to achieve it; and the best way has always been to base a currency on gold. Nobody has found a better way, even in the form of a proposal; and nobody has ever needed to find a better way, because gold has always worked very well.”
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