{"id":50356,"date":"2019-12-30T16:04:33","date_gmt":"2019-12-30T21:04:33","guid":{"rendered":"https:\/\/olduvai.ca\/?p=50356"},"modified":"2019-12-30T16:04:38","modified_gmt":"2019-12-30T21:04:38","slug":"the-ethics-of-a-gold-standard","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=50356","title":{"rendered":"The Ethics of a Gold Standard"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/antoniusaquinas.com\/2019\/12\/27\/the-ethics-of-a-gold-standard\/\">The Ethics of a Gold\u00a0Standard<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/antoniusaquinas.files.wordpress.com\/2019\/12\/goldstandard.gif?w=625\" alt=\"goldstandard\" class=\"wp-image-2928\"\/><\/figure>\n\n\n\n<p>The efficacy of a metallic monetary system is beyond dispute at least among real economists which eliminates just about 95% of whom are now engaged in the \u201cprofession.\u201d&nbsp; 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.&nbsp; Like free trade, money naturally integrates mankind both among and between peoples.<\/p>\n\n\n\n<p>A system of central banking with an unbacked paper currency is the antithesis of a gold standard.&nbsp; Manipulation of currencies by central banks, mostly through debasement, hinders trade, creates distortions, and ultimately leads to the dreaded business cycle.&nbsp; Murray Rothbard aptly describes the baneful results of state intervention in the monetary system:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>. . . government meddling with money has<\/p><p>not only brought untold tyranny into the world;<\/p><p>it has also brought chaos and not order.&nbsp; It has<\/p><p>fragmented the peaceful, productive world<\/p><p>market and shattered it into a thousand pieces,<\/p><p>with trade and investment hobbled and hampered<\/p><p>by myriad restrictions, controls, artificial rates,<\/p><p>currency breakdowns, etc.&nbsp; It has helped bring<\/p><p>about wars by transforming a world of peaceful<\/p><p>intercourse into a jungle of warring currency blocs.*<\/p><\/blockquote>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/antoniusaquinas.files.wordpress.com\/2019\/12\/rothbard-money.jpg?w=625\" alt=\"Rothbard Money\" class=\"wp-image-2933\"\/><\/figure>\n\n\n\n<p>While the economic efficiency of a gold standard is important, the ethical case for it is more compelling and was the reason why gold, as money, lasted as a medium of exchange for so long.&nbsp; Gold\/money has to be created through honest-to-goodness production and exchange.&nbsp; The often dangerous mining of gold takes labor, capital goods, and land.&nbsp; Turning raw gold into coinage is another process which requires a high level of specialization and production techniques. &nbsp;Both are honest and morally sound activities which make for the betterment of life all around.<\/p>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethics of a Gold\u00a0Standard The efficacy of a metallic monetary system is beyond dispute at least among real economists which eliminates just about 95% of whom are now engaged in the \u201cprofession.\u201d&nbsp; Money, which gold is, allows for specialization, the division of labor, and provides the means for mankind to escape from barter and, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[12284,2913,374,1183,4497,536],"class_list":["post-50356","post","type-post","status-publish","format-standard","hentry","category-economics","tag-antonius-aquinas","tag-currency-manipulation","tag-gold","tag-gold-standard","tag-gold-based-monetary-system","tag-money"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50356","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50356"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50356\/revisions"}],"predecessor-version":[{"id":50357,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/50356\/revisions\/50357"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}