Robert P. Murphy - Basics of Economics An Introduction of The Free Market - The Historical Gold Standard

The Historical Gold Standard | Robert P. Murphy Excerpted from Lecture 1 of "Basics of Economics: An Introduction to the Free Market."






The history of the gold standard was a failed one obviously. How can you have such a standard succeed when the people who control the gold are the same people who control the printing of the "backed" paper? Exactly. We dont need a Gold/Silver standard, we need GOLD AND SILVER. Gold standard = price controls on gold. Support free markets not fake ones. You do not need gold instituted by government as the money. You need government out of money all together. If gold is valuable as use as money it will be able to compete with all of the possible alternatives and who knows, maybe there is a better form of money out there than exists today. You wont know so long as there is a monopoly on money and that is true even if that monopoly is a state mandate gold "standard"