We have lived in an era of fiat money since the early 1970s. Since then virtually all money in existence has only had a value based on trust and, in particular, trust in governments’ ability to maintain its value. Prior to this period, most of the money in existence through history was backed by a commodity – usually a precious metal like gold or silver. When money broke loose from such an arrangement inflation tended to increase (often dramatically), and when money returned to it inflation was becalmed. We think fiat money systems should be inherently unstable and prone to high inflation all other things being equal. Politically it is always too tempting to create money when nothing is backing it. ...
To establish a worldwide gold standard system today would mean that all existing debts and commitments — government bonds, Social Security, Medicare, public and private pensions, State debts and commitments — would have to be paid back in hard money, or renegotiated.
https://t.me/Nesara_Gesara_Reform
