Comment Re:Counterbalancing power (Score 0) 53
You mean like the bank run on Silicon Valley bank in 2023?
Or maybe you mean like the bank run on Metro Bank in 2019?
Or maybe you mean like the bank run on Home Capital Group in 2017?
Or maybe you mean like the bank run on SEB in 2011?
Or maybe you mean like the multiple bank runs in 2008?
I could go on, but you probably get the point. "Stable" is a construct in your mind that exists only because there is a paper currency to compare against. This has nothing to do with intrinsic properties of gold, and having a readily available deflationary asset gives you not only a hedge, but an alert system when people are losing faith in a nation's ability to regulate the financial sector properly.
To be clear, I'm not advocating for a system based entirely on deflationary assets. Well regulated fiat has the potential to dampen market volatility and that is a valuable purpose, but that doesn't mean alternatives are stupid. Every first world nation has a basket of assets, and these are sometimes much more wild - maple syrup, petroleum, etc. The real problem is everyone trying to be absolutists.