post #51 of 51
Quote:
Originally Posted by Blameless View Post

This is possibly the worst criticism of the gold standard that I have ever encountered.

Moving away from a gold standard did not change the value of gold. Anyone who had 20% of the worlds gold as of say, 1930, would still have enough wealth, if properly managed, to maintain their estate in perpetuity, irrespective of a gold standard or not.

Inflationary fiat money is no less prone to hording because anyone can find ways to accrue interest, or other profits, at a rate higher than inflation, with minimal risk.

This is not possibly, it's certainly the weak response I've come to expect from coin apologists.

You admit without even knowing it that those special families having gold would be extremely wealthy now for countless of generations without ever working or doing anything productive. Their coins would not inflate in themselves but everything around them would deflate to reflect their limited amount of coins. If you have a large amount of the gold coins and the world around you becomes billions upon billions of people what do you think will happen, other than your limited gold being able to buy them all and let one live in aristocracy for generations?

Also you do the mistake not even hearing my own arguments when you said inflation can be abused, of course it can be abused, I said that, but that's what blinds you, the fact an incredibly helpful tool (to avoid those aristocrats mentioned above controlling everything without ever doing anything productive) can be abused, does not mean it should be abolished, it's like saying the internet should be abolished because people can do illegal things on it, like trafficking money through coins.
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