How could a politically determined gold standard work in the free market?
Here's some random examples. Tell me how you think it'd play out:
Gold backed money but a large minimum is required to convert to gold, e.g., $10,000 or $50,000 or $100,000
Gold prices set very high, e.g., $5,000/oz or $10,000/oz
"The best way to bail out the economy is with liberty, not with federal reserve notes." - pairunoyd
"The vision of the Austrian must be greater than the blindness of the sheeple." - pairunoyd
pairunoyd:How could a politically determined gold standard work in the free market?
The inherent issue with this statement politics screws with gold...
In a system where the gold is fixed, basically you have production supporting the standard....
It sounds like the ocean, smells like fresh mountain air, and tastes like the union of peanut butter and chocolate. ~Liberty Student
pairunoyd: How could a politically determined gold standard work in the free market? Here's some random examples. Tell me how you think it'd play out: Gold backed money but a large minimum is required to convert to gold, e.g., $10,000 or $50,000 or $100,000 Gold prices set very high, e.g., $5,000/oz or $10,000/oz
Don't understand the question, please reformulate.
February 17 - 1600 - Giordano Bruno is burnt alive by the catholic church. Aquinas : "much more reason is there for heretics, as soon as they are convicted of heresy, to be not only excommunicated but even put to death."
pairunoyd: Gold prices set very high, e.g., $5,000/oz or $10,000/oz
This seems to be a very popular misconception when talking about 'gold standards'. Under a true gold standard, there is no "price" of gold in dollars. The dollar becomes a measure of a specific amount of gold.
That is to say if you declare $1 USD = 1 grain AU - the notion of the 'price' of gold disappears.