Gold

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Austrians tend to spout weird theories about depressions being due to "fiat money", and how the one, true currency is gold which will solve all those problems. Ayn Rand fans mimic her fetish for gold in "Atlas Shrugged". Despite the fact that most of the world operated on the silver standard for centuries, and the gold standard was due to government fiats in the 19th century.

Links

12 Rules of Goldbuggery [More...]
"Ignore the risks of being a gold bug at great peril to your portfolio..."
Milton Friedman and David Glasner: Real and Pseudo Gold Standards [More...]
David Glasner identifies many flaws in Milton Friedman's paper “Real and Pseudo Gold Standards”. Brad DeLong interprets it as a political peacemaking tool, rather than a real academic paper.
Paul Krugman Asks a Question: On the "Austrian" Hatred of Fractional Reserve Banking, Paper Money, etc. Weblogging [More...]
Brad DeLong wades into the cesspool of Austrian gold versus fiat money and depressions arguments from Ludwig von Mises and his ilk.
The Classical Gold Standard Era was a Myth [More...]
"In reality, credit money (mostly unbacked by metal) was the predominant form of money through the entire period of the Classical Gold Standard."
The gold standard is nothing but a shiny distraction [More...]
"When you descend deep down the rabbit hole of goldbug culture you find some distinct personality types."

Quotations

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