re: #451 Barefoot Grin

Yeah, I have had a few students—devotees of F. A. Hayek—who have it all worked out. I’m no economist, but I do know that there are any number of instances where the US economy went into depression even tied to gold (JP Morgan had to bail us out once or twice, iirc).

My brother was reading a book recently which suggested that the gold standard actually hobbled economies and fiat currency is a great innovation in economic history.