So, I guess, in any system of fiat money, you have to base your comparison of what things cost by asking : “What percentage of my income must I spend this item?” IF that percentage goes up, then its inflation. A dollar is meaningless as a standard without something to of worth to compare it to, be it gold, Labor, wages, GDP, or donut holes.
For example, price the lumber in our national parks, price the federal buildings for sale, etc. Then convert that total massive dollar amount to a virtual number of gold oz. at current market prices.
Congress then sets the $$ per GEOs that are permitted. The Treasury is then required to limit the money supply to that amount.
Good article. Central banking and fiat currency allow astronomical growth in government, much to the detriment of our freedom and our financial well being.
There never was enough gold to meet the needs of commerce, nor enough silver either, apparently.
More important than a gold currency (or maybe not?) is the erosion of all those rules of law that make the US a haven for freedom loving people - property rights, equal representation under the law, etc.
The beauty of the American system was that it was comprised by a *negative* system of rights, not enumerated as “you can do this, this, this and this, and this..” but rather “Congress shall make no law, etc” - it was more about telling the government what it CANNOT do. Brilliant in that regard.