Return to a gold standard — or hell, a silver standard or a platinum standard or …
I read this thread and two thoughts came to mind, actually three.
(1) The german hyper inflation that led to the rise of hitler. It could happen here. Politicians tax, borrow, and spend. (Sound familiar) the Fed runs the printing press. And runs it and runs it. I knew a Jewish family that send their wealth to Switzerland and the US in the form of diamond, postage stamps, and jewelry. Some of them got out; most didn’t. The old gent told me that, and his wife confirmed, that she would come by his office and take any money he collected that morning and go buy something. Anything. Because by nightfall it would be worthless. The hyper inflation was catastrophic. he would do the same thing on his way home with the afternoon’s collections. By the morning it too would be worthless. The country quickly devolved into barter, valuables, and metals. quite scary.
(2) If the us debt becomes to onerous. The Gubamint could just walk away from it. “Oh green funny pieces of paper? You should take that to the Federal Reserve Bank. We don’t have anything to do with it!” Repudiation would have some interesting consequences. If you think that the world is mad at us now, then wait till we pull the rug out from under them. The Chinese, Japanese, Arabs, and Europeans would find themselves sitting on worthless paper. It would be interesting to see it happen.
(3) There’s a “law” in Economics, (Not like a government law, but more like the Law of Gravity), that says something like “In an inflationary economy, bad money drives out good. In a deflationary one, the reverse is true.” Hyperinflation, or demonetization of a fiat currency, will imho act like a deflation (the ultimate kind). AND, if people stop taking FRBies, then money will be redefined QUICKLY into coins, “medallions”, or stuff like that.
I think we can roll back fiat currency if we educate, if we personally refuse FRBies when we can, and if we can “save” in metal backed stuff.
For example, I personally: nag people about “dead presidents” and “pretty green pieces of paper”. I like Mises’ line “only a government can take valuable paper and make it worthless by printing on it”.
For example, I REFUSE to take the dollar “gold” coin. It really annoys the cashiers who want to palm if off on me because it doesn’t fit in their draw.
For example, I make small buys of gold and silver bullion coins as “savings”. If the world goes to “hell in a hand basket”. I’ll have things of value “buried” at home.