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Here is a pretty good link summarizing the downside of a gold standard.
There's gold in them thar standards!
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I particularly like this quote from the article
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In short, you don't get anything out of a gold standard that you didn't bring with you. If your government is a credible steward of the money supply, you don't need it; and if it isn't, it won't be able to stay on it long anyway.
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I think the hard money arguement is more for the privatization of the money supply. Its just that most libertarians tend to believe that a free market money system will eventually end up as a gold standard.