2 votes

Article on monetary theory and pro gold standard on my flight from Bulgaria to Greece

I was looking through the on flight books and articles and i came across a piece written by a free market, laissez faire economist. The article mentioned how the current banking system with FIAT money is set up to fail and how gold is the only viable solution to the economic problems the world is currently facing. It mentioned how currencies on average have lost over 95% of their purchasing power in the last 100 years and the fact that the 19th century saw a tremendous amount of productivity paired with decreasing prices. The fact that this piece was published was astonishing to me and there was nothing left out in the article which would lead people to question the viability of a gold standard. Bulgaria has a currency board with its currency tied to the Euro which makes the country more responsible with its finances therefore being better off than the Western European countries but the problem is that it is tied to another floating currency and not a hard asset. Half of Europe is in shambles and riddled with debt...desperately needing an Iceland type of clean out. The IMF and the WB need to go as well as the monstrosity called the European Union.