Quote:
Originally Posted by Buffy
Arguing against the gold standard is not an argument that the current system is perfect, just that the gold standard is an ancient, harmful, and fully discredited idea that serves no useful purpose in modern society.
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Hi Buffy,
The gold standard was never really discredited, the US just stopped buying enough gold reserves to cover the money they were printing in the early 1970's. The original idea, and what was supposed to happen after the Bretton Woods agreement, was that a gold standard gives traders an absolute translation rate for different currencies regardless of where they were actually trading.
Soory Buffy, you are getting the difference between free trade and fair trade mixed up again.
A gold standard is fair trade for all traders where no standard leads us into the free for all mess we are in today.
