Aristotle would have supported the gold standard - SchiffGold.com
Aristotle would have supported the gold standard - SchiffGold.com
Source: SchiffGold.com
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DW NOTE
SchiffGold invokes Aristotle's teleology — everything has a natural end, gold's end is to be money — to argue the philosopher would have opposed fiat currency. Perhaps. But Aristotle also wrote that usury corrupts the polis because money should facilitate exchange, not breed. A gold standard with positive real rates still allows money to breed; it just makes the state print less of it. The deeper Aristotelian critique is that any system treating money as a store of value rather than a medium turns finance into the master of production. That includes gold.