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Re:Central African Republic Adopts Bitcoin as Legal Tender by jcranmer on Wednesday April 27, 2022 @11:11AM (#31180879)
I can think of a single case in history where policymakers decided to reverse (as you put it) "printing of dollars without backing" in favor of maintaining a peg to the gold standard (or equivalent), and probably over a dozen cases where it was the gold standard that was lost.

While I can understand why something like the gold standard serving as a fiscal straitjacket could find appeal, I can't understand why people ignore the repeated demonstrations of its ineffectiveness in that role.

Re:Central African Republic Adopts Bitcoin as Legal Tender by tastyfreeze on Wednesday April 27, 2022 @11:35AM (#31181289)
Gold standard serving as a fiscal straitjacket is precisely why it has be removed by governments time and time again. Removing a gold standard benefits the government and those in power and is a detriment to the people and the value of their labor. Not having a gold standard removes the physical requirement for government to behave with fiscal responsibility.

The number of times that gold standards have been ended isn't proof that gold standards don't work. It is proof that people in power will remove obstacles in the way of achieving their agenda.

People in power are still people. People cannot be trusted to be responsible with massive amounts of money when there is no personal penalty for being fiscally irresponsible.

Re:Central African Republic Adopts Bitcoin as Legal Tender by psychlops on Wednesday April 27, 2022 @12:33PM (#31182194)
I visited the Statue of Liberty a few weeks ago and noticed a quaint bit of history. The Liberty Bond. Bonds issued with the Statue of Liberty on them in an attempt to get funding to enter war! Talk about a straitjacket!

Now we (Americans) don't have such a silly constraint and launch all the wars we want. No need to even call them a war or to ask for permission. Or even notify the public that one is being launched. Funding is already secured.

Re:Central African Republic Adopts Bitcoin as Legal Tender by sneak on Wednesday April 27, 2022 @11:54AM (#31181590)
Your last paragraph is so simple and plainly correct, and yet people will argue endlessly against it.
Re:Central African Republic Adopts Bitcoin as Legal Tender by reedjosh on Wednesday April 27, 2022 @11:17AM (#31180965)
> and probably over a dozen cases where it was the gold standard that was lost.

This doesn't prove that the gold standard was bad for the people.

Governments grow until they collapse. That growth eventually is constrained by the inability to print gold.

This is particularly obvious if you consider that dropping gold and silver from currency is near the first thing to happen when war starts. Inflation is a hidden tax. Governments use it to continue their largess beyond what would be possible with direct taxation.

> I can think of a single case in history where policymakers decided to reverse

Everyone knows politicians are liars and cheats. Why would the actions of politicians or those appointed by them be a signal of virtue or correctness?