That makes sense. Why risk using any paper at all?
There is nothing wrong with money warehouses and their receipts. The problem with "gold standards" is that central banks dictate what it is. Remove the central banks and government control of money.
He shouldn't say that gold standard is wrong unless he also says that it's wrong if money is not free.
On the whole very good stuff.
I do have a quibble. How can we number every atom of gold? How could I take my atom out of the bank if I wanted to?
Also, I think the Austrain answer to not enough gold is a bit different.
But on the whole, nice to hear a guy on our side.
My humble blog
It's easy to refute an argument if you first misrepresent it. William Keizer
maybe instead of 'gold standards suck' it should be 'gold standard: not the ideal"