Two Real Anchors

Brendan Brown () and Robert Pringle ()
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Brendan Brown: Hudson Institute
Robert Pringle: Central Banking Publications

Chapter Chapter 12 in A Guide to Good Money, 2022, pp 191-211 from Springer

Abstract: Abstract Having analysed the main features of both good and bad money, and shown why bad money has such a grip on power, with this chapter the authors move to the practical and political questions facing reformers. In particular, they review how two real, solid monetary anchors might function. One such real anchor would apply to a gold money system; another to a money founded on a diversified basket of equities. The authors start by considering a hypothetical new gold system. They argue that its success would depend critically on gold money and bullion becoming widely appreciated as having “super-money” qualities as both a medium of exchange and store of value. In assessing alternatively equities as the foundation of money, the authors venture into totally new territory with some extraordinary conclusions.

Keywords: Anchoring equity money; Ikon definition; Criticisms of equity money and responses; Gold coins as store of value and medium of exchange; Interest rate determination under a gold standard; Monetary base in gold; Natural rhythm of prices under gold; New international gold standard; Prospects for gold price; Shopping with gold including potential demand for $500 gold coins; Stable coins (digital) in gold; Start-up costs of anchoring an un-anchored money; Super-money qualities of gold; Traditional objections to gold money and responses (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-06041-0_12

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DOI: 10.1007/978-3-031-06041-0_12

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