Keith, Thanks for more excellent content, that is both cautionary and proscriptive for the individual investor. You also make the important point that a gold standard is honest and pro-saver. Another important feature of a gold standard is that it resists inflation and deflation. The uncertainty that these forces create make for huge frictions in the current monetary system and is possibly a topic for you to write about in the future.
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There is much confusion over what the legal tender law does. I have read articles, written by people who are otherwise knowledgeable about economics, claiming that legal tender forces merchants to accept dollars under threat of imprisonment. Recently, I wrote a short article for Forbes clarifying how legal tender law works in the US. Legal
“Here’s hoping the whole world knows Keith Wiener’s name one day.”
I said it almost a decade ago. My cheerleading is clearly working!
Hopefully the world will spell his name correctly tho.
Keith, Thanks for more excellent content, that is both cautionary and proscriptive for the individual investor. You also make the important point that a gold standard is honest and pro-saver. Another important feature of a gold standard is that it resists inflation and deflation. The uncertainty that these forces create make for huge frictions in the current monetary system and is possibly a topic for you to write about in the future.