This is a fascinating and thought-provoking article. I do have a simple question based on limited knowledge. The Falkland Islanders, through the currency board, have been prevented from debasing their currency. However, this is pegged to the pound sterling, itself a fiat currency at the mercy of recklessness by the UK government. Similarly the dollar and all major fiat currencies are in the process of being debased. Would not the Falkland islanders have been better protected by a gold standard?
Certainly, though, any companies extracting oil and gas in the south Atlantic should think twice about having their assets swiped by a country with a rickety track record on property rights.
What a fascinating and knowledgeable piece.
This is a fascinating and thought-provoking article. I do have a simple question based on limited knowledge. The Falkland Islanders, through the currency board, have been prevented from debasing their currency. However, this is pegged to the pound sterling, itself a fiat currency at the mercy of recklessness by the UK government. Similarly the dollar and all major fiat currencies are in the process of being debased. Would not the Falkland islanders have been better protected by a gold standard?
Certainly, though, any companies extracting oil and gas in the south Atlantic should think twice about having their assets swiped by a country with a rickety track record on property rights.