According to poster DonnyMost, The Gold Standard was a sound money system, https://bbs.clutchfans.net/threads/social-security-is-a-ponzi-scheme.325630/page-2#post-15630696 Agree or disagree?
the gold standard had outlived its relevancy; it's so 19th century it provided the illusion that the US dollar is backed up by gold; but the amount of commerce conducted by US economy was more than 1 millions times the amount of physical gold the US had in possession That was in 1933, when the United States went off the gold standard, for domestic transactions, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The US ended international convertibility of the dollar to gold in 1971 under President Richard Nixon, effectively ending the gold standard in the U.S.
Every system has pros and cons. I would argue that fiat certainly was favorable towards modernizing the globe and pushing the pace of technology advancement. It’s not that I don’t think the gold standard wasn’t sound, it just wasn’t as flexible which can both be a strength and weakness.
