I know nothing about money other than it seems like the gold standard would seemingly prevent us from deficit spending and money printing. Oh and libertarians love it.
It’s goofy. The most random made up shit to get worried about.
It’s on the long list of things that aren’t really a problem, but they talk about it to distract you from the real problems.
Yeah it's kind of neither, but it leans bad since deficit spending isn't usually the issue, it's more to do with deficit spending being the military budget and corporate subsidies.
The gold standard is silly. Deficit spending mostly good - depending a little on what you spend it on of course. Money printing mostly good - except in some very rare, extreme cases like Weimar Germany.
Conventional wisdom, especially of libertarians and neoclassical economists, says the opposite, but these guys serve the financial sector and the rich. Their worry is always inflation, even when there is no inflation in sight.
The truth is that we could have used a lot more inflation in recent years, to inflate away the mountain of debt that cripples 90% of the population. But it only occurs if unemployment is really low (when wages and prices go up as a result) and the neoliberals aren't going to let that happen.
It doesn't really matter. Preventing deficit spending seems like austerity? Inflation is fine as long as it isn't out of control, it's a tax on people who have money.