Source: Ludwig von Mises Institute
by George Ford Smith
“For Americans, the gold standard was killed by presidential decree during the crisis of the Great Depression. In 1971, another president told foreigners they could no longer get gold for American dollars and thus removed the last trace of monetary gold from international trade. Since then all governments have been on a fiat money standard, depreciating their currencies as a matter of policy. The story of gold’s disappearance is part of a larger narrative about the growth of government. Besides being a check on bank counterfeiting, or inflation, gold is also a serious restriction on government expansion. For the advocates of big government, therefore, gold becomes a barbarous relic that stands in their way.” (08/10/26)