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Why a silver standard is superior to a gold standard.

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Here I will argue that a silver standard is superior to a gold standard.

Ayn Rand is silent regarding the gold standard. It is Greenspan who advocates gold as a protection of laissez-faire economics, in Capitalism, the Unknown Ideal.

Both gold and silver serve the same purpose: to increase the soundness, stability, and confidence in the dollar.

But given the current price of gold, and given the general range of prices of commodities, a little bit of gold goes a long way, but a little bit of money does not.

Imagine if we had to pay for a Danielle Steel book using gold. We would have to trade a fraction of a gram.

Most people do not have enough wealth to deposit gold against which to draw checks.

If gold is desirable for Laissez-Faire, it certainly is not universal.

Silver, on the other hand is cheap, but it is highly desirable. Under a silver standard, it would be possible to go to the bank with fifty dollars and acquire a beautiful silver one ounce coin.

The general price of commodities reflect a compatibility with silver. And this will continue to be true, so long as the price of gold remains so high.

Gold makes sense for international trade. But not for everyday use.

Imagine how happy everyone would be if they could all own perhaps ten beautiful silver coins.

Imagine how happy investors would be if they knew that their money was based on a sound, and highly liquid currency that meets the needs of everyday purchases.

Silver is superior to gold. Even Ayn Rand's new books are colored with silver.

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Furthermore, if money was silver, everyone would have more money,

when compared to how much gold they would own.

If $2500 can only buy you one gold coin,

but can buy you 50 silver coins,

if you have 50 silver coins,

in terms of pure abundance, you have more money.

Edited by Sebastien
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