If don't you understand monetary very well, how can you be sure that going back to gold is good? It seems like you would need more information/understanding.
If you know the history of bitcoin, it was actually founded, promoted and adopted by people who liked the gold standard.
Scarcity of Bitcoin (like scarcity of physical gold) is built into bitcoin. You cannot increase the bitcoin supply and there is a limit on how many bitcoins will exist. There will be 21 million bitcoins by 2040 and then no more.
One of the problems with the gold standard is it makes the effects of the normal business cycle worse. The good parts of cycle overheat into bubbles and then when the crash happens, the effects of the crash are deeper and longer because there's no way to alleviate the effects, so people hoard their money and the crash gets worse. Smart monetary policy is counter cyclical. Pump the brakes a bit during good times, pump the gas a bit during bad times.
How did they do in Macroeconomics? I don't claim any expertise in this whatsoever, but the University of Chicago Business School does a survey every so often when they get 40 top economists together and survey them. Here's how the responded when asked would going to back would be better for America.
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Ulfghar ago
Could be propaganda? I am not sure. It could go either way. Maybe a gold backed dollar will fix everything
carmencita ago
I don't understand monetary very well, but I do know that going back to gold is good.
Are_we_sure ago
If don't you understand monetary very well, how can you be sure that going back to gold is good? It seems like you would need more information/understanding.
If you know the history of bitcoin, it was actually founded, promoted and adopted by people who liked the gold standard.
Scarcity of Bitcoin (like scarcity of physical gold) is built into bitcoin. You cannot increase the bitcoin supply and there is a limit on how many bitcoins will exist. There will be 21 million bitcoins by 2040 and then no more.
One of the problems with the gold standard is it makes the effects of the normal business cycle worse. The good parts of cycle overheat into bubbles and then when the crash happens, the effects of the crash are deeper and longer because there's no way to alleviate the effects, so people hoard their money and the crash gets worse. Smart monetary policy is counter cyclical. Pump the brakes a bit during good times, pump the gas a bit during bad times.
carmencita ago
Because I have someone in my family that Majored in Finance and I trust my Family Member more than you.
Are_we_sure ago
How did they do in Macroeconomics? I don't claim any expertise in this whatsoever, but the University of Chicago Business School does a survey every so often when they get 40 top economists together and survey them. Here's how the responded when asked would going to back would be better for America.
http://www.igmchicago.org/surveys/gold-standard