Myths and Realities of Returning to a Gold Standard

There are some things I don't agree with in here, but the core of his argument is correct -- ``With a gold standard, deception is much more difficult. Creating too much money will lead to redemptions that drain away the official gold stockpile. Everyone can see the inventory shrinking. If it shrinks to zero, then the managers of the system have failed, period. There is no ambiguity about it, and the politicians in charge at the time have little room for denial.''