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by stretchwithme
5532 days ago
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Gold is the most stable commodity in the world, which is one reason its ideal for this purpose. Most of the gold that has been mined throughout history is still part of the supply. And the one getting that portion of the gold supply is doing the work of getting it out of the ground. So I really don't see how that's stealing. Fiat money is another matter entirely. As most fictional things are quite different than real things. Jude Wanniski makes an excellent case for gold in The Way the World Works. He also explains why inflation is so dangerous. I encourage you to check it out. |
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First you claimed that increasing the money supply to prevent deflation is wrong because it is theft. Now you retreat to the claim that theft is OK as long as it requires "getting [gold] out of the ground". So you're claiming that there are certain arbitrary activities (moving dirt) which should be government-protected as legitimate ways of debasing a currency and stealing from other citizens.
Leaving aside the fact that your proposal encourages political corruption in natural resource extraction, I fail to see why someone with a pick-ax should be entitled to inflate away my savings. But if you insist on the matter please tell me again how your proposal is different from Keynes' example of burying money in mineshafts.