What is wealth? Answer that question and you should be able to figure out why fiat money beats a gold standard and why Austrian school economics is so last century.
Or you can look at the present reality to see why Austirian school of econimics hits the nail on the head. You're hilarious.
"Nit Picking".. that your forte? According to Dictionary.com, America was founded as a Democracy. Don't bother responding for my eyes... I've put you on ignore. Please do me likewise.
Dictionary.com? Laughable. Try the anthem, then you can graduate to reading the actual documents we call "The Constitution" Anyone who think America was founded as a democracy needs to do their homework.
Can any of you honestly say how much money you've made and/or saved applying the Austrian school of thought to the management of your wealth? If the theory is "hitting the nail on its head" lately, how many times has it flattened your thumb during the Greenspan era? This time it's different, right? Perhaps, but I don't think anyone gets to say "I told you so" with a straight face.
I don't know much detail about the Austrian school of thought, however I 100% agree with the Mises quote about credit expansion: "The wavelike movement affecting the economic system, the recurrence of periods of boom which are followed by periods of depression, is the unavoidable outcome of the attempts, repeated again and again, to lower the gross market rate of interest by means of credit expansion. There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved". We're quickly reaching that point, where world governments are debasing their currencies, in order to avoid credit contraction. I've made a fair bit of "money" by investing in gold this decade.
LOL. Nit picking? Do you even understand the differences between a democracy and a republic? Forget dictionary.com. Try reading the constitution.
Do you even understand nit picking? Try reading the dictionary. Democracy... 1. government by the people; a form of government in which the supreme power is vested in the people and exercised directly by them OR BY THEIR ELECTED AGENTS under a free electoral system. 2. a state having such a form of government: The United States and Canada are democracies. Republic... 1. a state in which the supreme power rests in the body of citizens entitled to vote and is exercised by representatives chosen directly or indirectly by them.
I've made a fair bit of "money" by investing in gold this decade. It might have little to do with debasing currencies. But with the fact that there are over billion more people with disposable income than 20 years ago.