Wow, sometimes these guys actually get something right. The gold standard would be so good for a stable strong dollar.
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Day in and day out, the dollar is backed by our goods and services. There isn’t anything magical about gold either. 1920’s Germany restored confidence in their currency by backing it with real estate.
The real problem we have with the dollar is crooked politicians.
That’s right, and an external standard like the gold standard helps mitigate political meddling.
I wouldn’t say the dollar is so much backed by our goods and services as the dollar measures the price values of our goods and services. All you’re doing is fixing a standard value measurement to the dollar, like fixing a standard measurement to your scales at home. When you don’t change the standard measurement of your scales at home, you can rely on what’s its telling you about whether you’ve lost or gained weight. In the same way, when you don’t arbitrarily change the relative measurement of the dollar, you can rely on prices giving an accurate reading of value.