By Nathan Lewis As we continue to enjoy the "Yellen gold standard," now in its Powell phase -- who knows how long it will last -- let's look at why the gold standard system worked so well for so many centuries, including nearly two centuries of U.S. history before the rupture in 1971, during which time the United States became the wealthiest country in the history of world. In 1971, the economist Arthur Laffer -- he was the chief economist of the Office of Management and Budget at the time -- was asked what he thought the consequences would be of Nixon's "closing of the gold window," which effectively ended the Bretton Woods period when the dollar's value was fixed at $35/ounce of gold. "It won't be as much fun to be an American anymore," Laffer reportedly replied. And he was right. But why? Why is it that the collective intelligence (let's be generous) of today's central bankers, and indeed all the cen...
from GoldBroker.com https://www.goldbroker.com/news/why-gold-still-best-basis-for-money-1500
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