In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. Deficit spending is simply a scheme for the “hidden” confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
Under a gold standard, sound government has a much better chance; its leaders can say to the people and to the politicians, "We can't do it unless we increase taxes." The gold standard is a form of protection against spendthrift governments.
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