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In the absence of the gold standard, there is no way to protect savings fom confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold [in the US in the 1930s].
Defecit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
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A lot of water has flowed under the bridge since then -- and a lot has obviously flowed through his brain cells, too.
Keith Hudson, 6 Upper Camden Place, Bath, England, <www.evolutionary-economics.org>
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