International financial anarchy

Bad arguments by Noah here regarding gold: >A lot of people — including the goldbugs — think that gold’s natural scarcity and independence from central bank meddling make a gold-based economy inherently stable. But the fact that no large, trustworthy entity manages the gold price actually means that it’s subject to rapid swings like the one that happened on Friday. Wrong! It's the fact that a large entity manages the fiat currency that investors swing to gold dramatically when trust in the entity erodes ... And even the Bloomberg journalist he cites shows a poor understanding of gold: >[G]old’s volatility and limited supply might not stop it from becoming the world’s reserve asset once again. Gold's volatility AFTER the world went off gold and it stopped being the reserve asset is irrelevant! It's precisely because the world went off the gold standard, that every time there are uncertainties in fiat currencies, that investors flock to gold.