Alan Greenspan wrote a good essay on monetary gold back when he was friends with Ayn Rand. Among many pertinent points, he argued that gold as money made welfare states impossible. Fiat money has made a lot of bad ideas possible. From Patrick Barron at mises.org:
What causes the seemingly unfounded confidence in socialism we encounter more and more in the news media and among political activists? In the Extinction Rebellion movement, for example, activists are quite certain they have learned that there is an alternative to markets as the means to economic prosperity. It’s a means that does not involve meeting the legitimate needs of one’s fellow men in the marketplace.
It is likely not a coincidence that most people living today have lived most of their lives in a world dominated by fiat money. It has now been nearly fifty years since the United States broke all…
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