Mises Wire
Author:
Alexander Herborn
Gunther Schnabl
Online Publish Date:
In his book Denationalisation of Money , F.A. Hayek argued that governments have never devoted their power to providing proper money over time. They “have refrained from grossly abusing it only when they were under such a discipline as the gold standard imposed.” The gold backing of the US dollar as the global reserve currency was lifted in the