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There's a notion out there that, to establish a gold standard, you take the existing monetary base, divide it by the amount of gold the government has in storage, and then you end up with a price of gold.
This is so idiotic that for a long time I figured I'd just leave it alone. Do these people also think that babies are delivered by storks?
And yet, it is a testament to the extremely poor state of affairs these days that these sorts of arguments exist, and indeed have been around for decades apparently without anyone to call BS on them...Read More