“A fixed exchange rate – such as the gold standard – is incompatible with democracy. It assumes that money is too important to be left in the hands of the people, so monetary policy should be removed from the hands of the electorate altogether.
It is completely wrong to view the gold standard as a purely economic – or worse, purely technocratic – issue. There are profound political implications to how we think of government and democracy.”
See below for an infographic that Prof. Berman helped develop, which describes the implications of a return to the gold standard.