Why do people say that there isn't enough gold to have a gold standard?

[Meggasaur!]

Help me understand their argument.

[koolerthantim]

There isn't enough physical gold in the US to back the amount of USD in the world economic system? Just a guess.

[LebronJames]

not enough gold in existence to support the value of all US fed reserve notes (money) in existence.

Unless you want to plunge the USD down even more. Look out for $5000 USD/oz gold

[wolfbane]

because they assume every dollar will have to be converted into a gold coin

[Chazzmin H]

I guess soon enough, there might be enough gold. $1 is worth 1/1787 of an ounce right now, right?

[Destiny K]

[Mariana D]

because they're fucking stupid

[me say hihi!]

Because even just the US changing to the gold standard would result in a massive inflation in the price of gold resulting in a MASSIVE transfer of wealth to those people.

If you want to transfer a lot of money to hording crackpots switch to gold.

Also the gold standard is a fucking terrible policy. Countries who left the gold standard earlier in the great depression were those that recovered quickest. Since the US left the gold standard we've seen shorter recessions.

[irock0527]

All-modern-economies.jpg

Nice Appeal to Tradition fallacy.

The gold standard argument is almost exclusively made by Austrian School and similar economists which can be defined as the least academic, least mathematically supported school of economics in existence based on nothing but rhetorical argument.

The gold standard results in longer more painful recessions than would otherwise be experienced and historically we experienced that.

[Rabbo J]

Q: How much gold is at Fort Knox, exactly?

A: We have no way of truthfully knowing.