“If the world as a whole returned to the gold standard there would be such fluctuations in the value of gold that it would very soon prove impractical.Today an international gold standard could only mean that a few countries would maintain a real gold standard. The other countries would hang on to the system through a gold exchange standard — where the currency isn't really redeemable in gold but the government attempts to keep a fixed rate between its currency and gold.”

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About Friedrich Hayek

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