Today’s (Saturday) WSJ has a really good opinion column titled Myths and Facts About The Gold Standard. Said column does a pretty good job of explaining why gold (and silver) is not (that’s NOT!) a store of value. Rather it is a medium of exchange just like clad Ikes, clad halves, clad quarters, clad dimes, and paper dollars. I learned in Economics that the three factors of production are land, labor, and capital in a free society. (Entrepreneurial skill would be a subset under labor or maybe capital……or both.) Governments and technology have not altered the components of the factors of production. Now, gold can be a wise “investment,” just don’t follow the lemmings or you may find yourself heavily invested in tulips.
Being in agreement with Jeff is a bit unusual for me, but this condition does not preclude some philosophical overlap. I also have some philosophical overlap with Jeff’s brother in Oklahoma….but not including the Confederate flag and most subsets thereunder. Right now my self-esteem is greatly elevated by the fact that I am not a Penn State graduate and I still firmly believe that ‘Keynes is a crock.’