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Is gold a “barbarous relic”?

The famous economist John Maynard Keynes said “in truth, the gold standard is already a barbarous relic”. He was implying there was no need to peg the value of currencies to gold and thereby encourage the stockpiling of gold. However, nowadays gold is seen by many as the answer to the ravages of inflation, if everyone were able to use gold as money, both to save and spend in, they would be free of the constant threat of losing the value of their savings to the depreciation of paper money.

Gold has been around a long time and has always been seen as the ultimate store of wealth and it remains relevant as such.

John Maynard Keynes

John Maynard Keynes