Episode 262: David Friedman on the Gold Standard
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The Advantages of Gold No Longer Matter
Friedman: Tying the dollar to a basket of goods is interesting. I would imagine that some smart people on Wall Street would figure out how to put together a portfolio of futures options or something and then sell shares on it like they did with the mortgage back security thing. Gold is convenient, it's traditional, but the big advantage of gold no longer matters.
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