Gold was money for thousands of years, and while many governments tried unburdening themselves from its fiscal constraints, none has been more successful than the U.S. government. Other than governments wanting to spend more… why did we rescind gold’s redeemability into gold?
The answer is simple to Myrmikan Capital’s Dan Oliver: it’s just because governments wanted to spend more. Oliver, an Austrian, represented the pro-gold standard position in today’s debate.
Jeff Snider of Eurodollar University — on the other hand — believes abandoning the gold standard was inevitable. That globalization necessitated a more flexible money supply not permitted under commodity-backed money.
