The Problem With Steve Forbes' New Gold Standard Idea

The Problem With Steve Forbes's New Gold Standard by David Gordon, Ludwig von Mises Institute

Money: How the Destruction of the Dollar Threatens the Global Economy — and What We Can Do About It, by Steve Forbes and Elizabeth Ames, McGrawHill, 2014

Money is an odd book. Its odd character can be brought out through an analogy. Imagine that someone wrote an eloquent book about price and wage controls. The book showed how attempts to control prices led to economic disaster. Faced with an abundance of incontrovertible evidence that demonstrated the bad effects of these measures, an informed policymaker would find only one rational choice available to him. He should not impose comprehensive price controls...