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IPFS News Link • Gold and Silver

The Ethics Of A Gold Standard

• https://www.zerohedge.com, by Antonius Aquinas

Money, which gold is, allows for specialization, the division of labor, and provides the means for mankind to escape from barter and, thus, a primitive existence.  Like free trade, money naturally integrates mankind both among and between peoples.

A system of central banking with an unbacked paper currency is the antithesis of a gold standard.  Manipulation of currencies by central banks, mostly through debasement, hinders trade, creates distortions, and ultimately leads to the dreaded business cycle.  Murray Rothbard aptly describes the baneful results of state intervention in the monetary system:

...government meddling with money has not only brought untold tyranny into the world; it has also brought chaos and not order.  It has fragmented the peaceful, productive world market and shattered it into a thousand pieces, with trade and investment hobbled and hampered by myriad restrictions, controls, artificial rates, currency breakdowns, etc.  It has helped bring about wars by transforming a world of peaceful intercourse into a jungle of warring currency blocs...


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