Individuals studying economics in Texas schools will soon be required to “analyze the decline of the U.S. dollar including abandonment of the gold standard.” While it’s deplorable to mandate that all students study anything, since people have wildly different interests, even within economics, at least economics students will learn the truth. Or at least it’s hoped. Hopefully the textbook won’t argue that going off the gold standard was a good thing. For the record, the phrase “going off the gold standard” is a euphemism for “We’re not redeeming Federal Reserve bank notes for gold any longer. We took your gold and you’re not getting it back. But you can still pass around those notes, which are now just colorful pieces of paper.” Please add that to the textbook in case you publish one.
Monetary Choice
Learn how money works.