They don’t hate gold because it’s gold. They hate it because it’s not government money.

Mises Institute/Ludwig von Mises

Repost from 6-8-2021

Ed Stein cartoon graphic of gold bar flying a dollar kite“The struggle against gold, which is one of the main concerns of all contemporary governments, must not be looked upon as an isolated phenomenon. It is but one item in the gigantic process of destruction that is the mark of our time. People fight the gold standard because they want to substitute national autarky for free trade, war for peace, totalitarian government omnipotence for liberty.”

USAGOLD note: This article is excerpted from von Mises’ Human Action published in 1949. It is a refutation of John Maynard Keynes’ reference to the gold standard in 1944 as a “barbarous relic” and one of the most concise, realistic and principled available even now over seventy years later.  It is unlikely we will ever go back to the gold standard. Such is the stuff of dreams, but if we have learned anything at all during the last fifty years of the fiat money system, it is that gold has proven to be an adequate and reliable hedge against its excesses.

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