“The gold standard is a system whereby countries agree to convert paper money into a fixed amount of gold. If the price of gold was $2,000 an ounce, the value of a dollar would be 1/500 of an ounce of gold.” – Nick Loudis, Investopedia.
Steve Forbes, from Forbes Magazine, says, “We never had inflation when the dollar’s value was tied to the yellow metal.” He also says, “The real cause of monetary inflation is weakening the value of the dollar, usually by creating too many of them.”
Is it good business to write checks after your account is empty? That is not the way it works.
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