Today the world uses a system of floating exchange rates based on "fiat" or government-created money.

FORBES: Magazine Article

He was one of the first people to predict, correctly, that a system of freely floating exchange rates, unconnected to gold, would work just fine.

FORBES: We're In Milton Friedman's World

All the while, Milton Friedman kept pointing out that these crises would all go away if we went to a system of flexible or floating exchange rates.

FORBES: Currency Manipulation

If a country adopted a gold standard system today, the result would be violent swings in exchange rates with other, floating currencies.

FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer