Since then, we, as do most countries in the world, have a fiat money system.
All those rules would add some certainty to the current discretionary government fiat money regime.
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The existing fiat money regime with discretionary central banking may be coming to an end.
FORBES: The Limits Of Monetary Policy Call For Moral, Sound Money
They'd certainly command more respect than some of the central banks now issuing fiat money in eastern Europe.
The implicit assumption in monetary circles is that there is no alternative to central banking and fiat money.
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However, that objective (price stability) is more credibly attainable under a convertible currency than a pure fiat money.
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The long-run value of money is certain, unlike in a pure fiat money regime without rules or convertibility.
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Inflation, even mild inflation, destroys confidence in the future value of money under a discretionary government fiat money regime.
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But discretion in a regime of pure fiat money can easily go awry.
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It true freedom since an owner of gold can move to any country, anytime without the restrictions of fiat money.
It is also well known that long-run price stability was achieved under commodity standards but never under pure fiat money.
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Maybe four more decades of fiat money would see the value of the dollar decline by another factor of forty-eight.
Well, we could, but my guess is precious few nations would want to trade their fiat money for our gold money.
When the next crisis occurs, as it surely will, the U.S. must be ready with alternatives to the current fiat money regime.
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Understated, they also might come in handy if fiat money ever collapses.
Discretionary government fiat money, prolonged monetary disequilibrium, and price distortions do not.
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The discretionary government fiat money regime has miserably failed on that score.
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The move to fiat money (paper not backed by gold) created the huge expansion in global money supply that the pessimists had predicted.
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In the early years of fiat money, inflation took off, especially in America, in part because of the two oil shocks of the 1970s.
There are many types of monetary rules under a fiat money regime that could reduce uncertainty, but most rely on some degree of forecasting.
There is nothing in the Constitution that makes the federal government responsible for achieving maximum or full employment, nor is pure fiat money sanctioned.
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Anyone who has visited a weekend flea market has noticed the old coin and currency collector displays filled with past experiments in national fiat money.
Proof of this is Europe, where the various nations have forgone the issuing of fiat money and now find they cannot live without that power.
Yes, that floating fiat money is surely some kind of cure-all.
Freed from a commodity base, central banks have been free to manipulate the very foundations of economic activity by increasing or decreasing supplies of fiat money.
The great inflation of the 1970s (price level up 150%, gold 20 times, oil 14) is attributable to the rise of fiat money and not much else.
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Rather than lancing the boil of systemic risk that he inherited, Obama has pumped it full of fiat money and protected it with a bodyguard of regulations.
James Madison, the chief architect of the U.S. Constitution, recognized the problem with discretionary government fiat money and the benefit of a commodity standard and convertibility long ago.
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From those afraid of hyperinflation, to those libertarians doubting the validity of fiat money, market participants have always found a way to justify their holding of the yellow metal.
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Folks tend to think gold is many things: a stable store of value, a hedge against inflation, a safe haven in times of trouble, a better alternative to fiat money.
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