That’s the ‘How is Fiat Money Possible’ lecture by Hoppe
In the last 10 minutes he says something about money market securities and futures contracts not being possible under a gold standard. I don’t know if he agreed or disagreed with it. Please explain why it is or is not possible.
Anyone?
I don’t understand what you mean by “future contracts”. If you’re talking about investing, there could still be a credit system with the gold standard. People would just make the contract like they do now. I mean, ever since Nixon decided we’re off the gold standard, we really didn’t get ‘off’ it. Money is still backed by gold, but paper money’s worth can fluxuate while gold cannot. It’s good to think of wealth as weight. When you separate the relationship of paper money from gold, the paper money becomes worthless. Real securities aren’t possible without the gold standard.