Will the Gold Standard Ever Make a Comeback?

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Created on Friday, 15 April 2011 11:52

Published on Friday, 15 April 2011 11:52

Written by Dominic Frisby

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What we use as money today is either issued by governments, or created by banks through the issuance of debt. The status of money is protected by the law – we must use what we use as money – and by the fact that taxes are levied in this money.

But underneath it all, there's nothing there – nothing tangible anyway. It's just a law, a man-made law. It's not even a proper promise. The writing you see on a £20 sterling note – 'I promise to pay the bearer on demand the sum of twenty pounds' – is in effect a promise to pay something that doesn't exist. It's a great big load of old baloney.

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