It takes many steps for you to get to fiat from Gold.
Whenever you reach trust in credit (redeemable paper/bit) for it to be considered as good as money, you have set yourself to failure.
Because that's when the trusted party can print credit (aka "money") via fractional reserve. And whoever can print credit, will eventually print credit, and it will eventually print too much. Then either the credit system will fall or people will double down.
And there's a wealth of incentives for the credit printers to try their best to double down.
The creation of the FED was not because they wanted to print credit, but was a consequence of banks already using fractional reserve and looking for governmental protection.
Executive Order 6102 was not because of "wanted more money", but because of the credit they had already printed would bite them in the ass, from wiki:
A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by a greater reduction in credit.
The same with the Nixon Shock. They had already printed too much, severing the final connection with Gold was just a consequence of that.
My point is, of course they will print more if they are allowed, but the first step, acceptance redemption paper/bit being as good as money, already allow them to print. That they will try to print forever more is a given.
It takes many steps for you to get to fiat from Gold.
Whenever you reach trust in credit (redeemable paper/bit) for it to be considered as good as money, you have set yourself to failure.
Because that's when the trusted party can print credit (aka "money") via fractional reserve. And whoever can print credit, will eventually print credit, and it will eventually print too much. Then either the credit system will fall or people will double down.
And there's a wealth of incentives for the credit printers to try their best to double down.
The creation of the FED was not because they wanted to print credit, but was a consequence of banks already using fractional reserve and looking for governmental protection.
Executive Order 6102 was not because of "wanted more money", but because of the credit they had already printed would bite them in the ass, from wiki:
The same with the Nixon Shock. They had already printed too much, severing the final connection with Gold was just a consequence of that.
My point is, of course they will print more if they are allowed, but the first step, acceptance redemption paper/bit being as good as money, already allow them to print. That they will try to print forever more is a given.