I would like to hear your opinions on this.
The gold standard was a very limiting thing but it was based on reality. It’s really easy to grow when your economy is based on imagination and saying something is growing becomes really easy. Modern day problems like hustle culture, get cash fast schemes and Inflation from currencies losing their value based on things economist can’t agree on. Stem from the fact we live in the Disney land of money and economics.
The best example right now is the Diesel price that goes up and down not on quantity, but on news as well as stocks that although filled with companies that are going bankrupt still go up. This has created a wealth base that is so limiting and liquid throwing your money on Gambling on stocks, or other methods has become a more viable method then working although unstable and luck based with disadvantage.
Innovation has stalled and is in fact non existent as education is now a business model and a gate keeper. You can no longer do independent research a company or organization needs to stand behind you. Even free education systems make up with housing food and classes and are not truly free.
And even the education quality is down because the money they are given becomes worthless with every day. Most salaries don’t move and the money becomes worthless creating a education crisis with teachers that don’t care to teach kids to read. Leaving the more qualified teachers to go on more worth wile professions like private education or tutoring making basic things only for a elite few.
That isn’t necessarily a basis for a sound system.
Global famine was a very limiting thing for population growth but it was based on reality. I don’t think many would welcome a return to 19th century agricultural yields as the solution to a growing population.
These existed long before 1971.
In Germany in 1914 the Weimar Republic abandoned the gold standard. The economy and the government collapsed. The collapse wasn’t the result of the abandonment of the gold standard as it would have gone bankrupt anyway. Germany re-established the gold standard with the Reichsmark in 1924. The government waged war on its neighbors. The economy and the government collapsed. The collapse wasn’t the result of the re-establishment of the gold standard as it would have gone bankrupt anyway.
The gold standard isn’t a magic armor to any economic decline.
It is on quantity, but quantity in the future. Petroleum futures are what determine the price, meaning a contract to delivery X amount of oil at Y time. If news comes out that X oil may not or can’t arrive by Y time from a contract holder, then the price of remaining oil deliverable by other people at Y time goes up. In the end its still “supply and demand”, the only extra element is the “when” added to the “supply”.
Working has never made more than investments throughout the history of humanity.
That is probably the farthest thing from fact.
This year patients have received bespoke mRNA cancer vaccine for the first time. A. vaccine. against. cancer. This is an insanely innovative thing.
What is stopping you from doing independent research right now? Scientific research is forming a hypothesis, designing an experiment to test your hypothesis, performing the experiment, and recording your results. For an infinite number of topics you can do that in your own home with a pencil and paper.
Returning to the gold standard wouldn’t change that at all. In 1792 the gold standard was adopted in the USA. Two hundred years ago in 1826 the adult literacy rate in Virginia was 50%. Without the gold standard today the adult literacy rate is 88%.
With everything I’ve said, I’m not claiming we have everything perfect today. We have LOTS of problems, and you’ve cited a number of them, but nearly none of them would be addressed by returning the gold standard, and if we did, we’d introduce all kinds of other problems.