Moreover, we have not had inflation as a serious problem for close to 30 years now, which is what the gold standard is supposed to prevent. We have other problems.
How do you figure. After all, a dollar today is equivalent to 19 cents in 1971. If this sort of massive devaluation is what happens when in inflation is not a serious problem, I don't want to see what happens when it becomes one.
Well, try from say, 1984, and your numbers will be considerably less dramatic. Gold won't prevent inflation due to commodity shortages anyway, or if it does, will result in negative growth, as the economy is starved for dollars.
