The gold standard would greatly limit the power of central banks to create money. The deluge of cheap fiat money since Nixon dropped the gold standard has been a boon to global economics. But, as fiat money has no inherent value (only the value that someone will accept it in exchange for goods and services) some day the piper will have to be paid. While I theoretically support the gold standard, I think it’s too late. Imposing it now would crater the global economy sooner rather than later.
Fiat justitia ruat cælum is a Latin legal phrase, meaning “Let justice be done though the heavens fall.”
I do not believe in “Too Big To Fail”.
Fiat money and the idea that debt makes the world go round is a bad concept and we need to get rid of it. It probably will be painful. But time stretches before us — on, and on and on. At some point, we need to do the right thing. Why not now?