Murray Sabrin, a proud PhD holder and equally proud Associated Scholar at the Mises Institute, wants us to go back to a gold-backed dollar.

A sustainable path forward requires a gold-backed dollar….

This is risible on its face. Gold-backed dollars, or silver-backed, or whathaveyou-backed dollars are every bit as fiat currency as are floating dollars.

Franklin Roosevelt demonstrated this when he confiscated everybody’s privately held gold and then revalued the gold in dollar terms.

A metal-backed dollar is worth what a government says it is. A floating dollar is worth what the market says it is. The latter is sound(er) currency.