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Should We Go Back to the Gold Standard?

“With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.”

- Friedrich August von Hayek

In 1971, The US abolished the gold standard and eventually all countries abandoned it. With the US trade deficit problem, many people including Donald Trump think that bringing back the gold standard will be a good thing. Will it work?

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