"The Future of Money", page-36

"Gold will never be currency in the western world."
"Coinage is different."

Yes, coinage is different .

When fiat currency can be converted into gold it is called the Gold standard. Some coins even have a gold content and hence have real value.

Govts absolutely hate a gold standard because they can't inflate (cheat) the money supply the way they do now.

True they do cheat by whichever means they can get away with but it is a lot harder.

In July 1914 the German banks halted the conversion of the goldmark within a day or two of the outbreak of war. Germans had swamped the banks wanting gold for their paper currency. Better to have something that would keep its value than to hold onto worthless paper which was going to be inflated into the dust. To pay for the war the Germans printed and borrowed cash. With price control they were able to hide their theft of the citizens cash through inflation.

So the solution today of our opportunist govts is to inflate the money supply and hence devalue any of us holding cash. Like Navy Diver said elsewhere, Truss in the UK is fueling their inflation by giving tax cuts while inflation is already raging. It means that their Central Bank will just have to keep raising interest rates to suck these tax cuts out of peoples pockets. In a word it is idiotic.