معيار الذهب: القاعدة للاقتصاد المستقر

Introduction

In his famous quote, Murray Rothbard, one of the most important economists of the 20th century, succinctly expressed his vision of the true gold standard. The true gold standard is a system in which people directly use gold as money. In this system, when a person buys any good or service, they must pay an ounce of gold or any other quantity of gold. Similarly, when they sell something, they receive gold as compensation.

The Significance of Gold

In this framework, gold is not just a symbol of value but the fundamental unit of currency. This means that people hold actual gold and use it in their daily transactions. When you purchase goods from the market, you pay with a physical amount of gold, and when you sell something, you receive gold directly as payment.

Backing Currency with Gold

As Rothbard pointed out, in the true gold standard, if paper currency circulates among people, these papers are nothing more than receipts symbolizing actual quantities of gold in the vaults. In other words, each banknote carries a specific value of gold and must be 100% backed by actual gold stored in a secure place. These banknotes are simply certificates proving the existence of gold and giving the holder the right to exchange them for gold at any time.

Stability and Economic Impact

Introducing the gold standard in this manner enhances economic stability and prevents excessive inflation, as the minted money is tied to a specific amount of gold. In the basic system of the gold standard, consumption and production are similar to the community’s ability to extract and obtain gold. This restricts governments and banks from printing money without restraint, helping to maintain price stability and the purchasing power of the currency.

Conclusion

Rothbard’s quote reflects an economic concept where gold is the tangible unit on which economic activities are built. This system entails transparency and trust among traders, where each banknote is only evidence of actual gold behind it. Therefore, the true gold standard can be considered a mechanism that promotes confidence and stability in the global economic system.