Re: gold standard

I certainly am not qualified to question either the expertise nor the
integrity of such a luminary as Milton Friedman. Nonetheless, he was a
paid consultant to the government, was he not? One of the reasons I
quit the practice of engineering consulting was that I saw how
shamelessly professionals would prostitute themselves and distort the
principles of their "science" to support the issues of the paying side.
Yes, as someone asked, might deflation occur if the supply of gold does
not keep pace with the demand? It could, but this seems to be
disadvantageous to entities with long term debt. Just think, with
deflation, your money in the bank has buying power that increases with
time, even if no interest is paid! This is a bad thing? I don't know,
but I understand that inflation is an advantage to long-term debtors,
the largest of which is the government. Wouldn't they therefore
welcome inflation? And no one has yet answered the question: why can
the government print money at will, but I can't? By the way, I believe
it was FDR who kicked us off the gpld standard around 1931 - not Nixon.

thanks all for your replies,
cfe

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