The part I don't like is it confuses the situation to make it harder to tell if goods and services are getting cheaper or more expensive in real terms. But I don't know if I'd say it was causal. I'm more just pointing out that there isn't much evidence that the gold standard failed and there isn't a reason to think that all the economists reject it. They're more probably neutral to it.
The gold standard always fails. Whatever gold standard is established in history, it is inexorably debased.
The conceptual flaw with gold is that it is a desperate attempt to grasp at an absolute, because absolutes feel warm and fuzzy. Nothing is absolute in an economy. The relative value of everything changes constantly and trying to create an artificial peg to gold doesn't achieve anything useful.
In historical terms, by any measure you choose (monthly salary, purchasing power, etc.) gold is worth roughly 1/10th what it used to be worth a millennia ago and prior.
Adjusted for inflation, over the last 100 years or so, the value of gold has remained roughly constant in terms of salary and purchasing power.
The gold standard didn't fail: Fiat money just completely obliterated it with its success.
Being able to issue fiat money is a feature of high trust governments and societies, not a bug, and people yearning back to needing a gold standard scare me, because that inevitably implies dismantling that trust to get there.
>because that inevitably implies dismantling that trust to get there.
There is nothing to dismantle because it's already gone.
The society that elected Donald Trump on his current program is an exceedingly low trust society. The whole point backed by DOGE is that you can't trust government and must reduce it to the most basic, barebones function. A lot of the current silicon valley elite fell prey to the nonsense preached by people like Curtis Yarvin who preach forms of anarcho-capitalism and despise democracy.
This article is fundamentally good sounding bunk. Intellectual quicksand. Pretty much ideally skewered by someone with experience working with such things.
Anyone else who isn’t prepped will take far too long to get their heads around all the major errors, and by discussing it, propagate its ideas further.
Since people recall even incorrect things, repetition of it ends up creating the idea that it is true - the truth effect.
And how is that causally related to the abandonment of the gold standard? Is the CNY somehow backed by gold, or the RUR?