Part 13/17:
The abandonment of the gold standard has enabled governments to indulge in unlimited credit expansion, often justified as supporting social programs or economic growth. But, as economist Allan Greenspan pointed out, this process allows for "the massive expansion of credit" that ultimately erodes the value of savings, distorts prices, and fuels economic cycles of boom and bust.
Without gold backing, there is no inherently limited measure of money. This lack of restraint facilitates government deficits financed through inflation rather than genuine savings and productivity. As a result, wealth becomes increasingly confiscated through inflationary stealth taxes, and individual saving—and hence property rights—are undermined.