That’s the big point of Professor Lawrence White’s recent Cato paper. The traditional gold standard is superior to various modified gold standard monetary regimes and far superior to the standardless paper fiat currency system we have fallen into.

While I’m on the subject, I’ll plug the new book by University of Georgia economics professor Richard Timberlake, Constitutional Money. It’s an illuminating look at the way the Court has dealt with issues relating to money and the effects (entirely bad) of the decisions that took us away from the monetary framework envisioned by the drafters of the Constitution.