Well there was a time where there was NO paper money. But that's not a gold standard, that just GOLD!
We're talking about having a monetary system called the GOLD STANDARD.
I can't think of any nation that imposed a gold standard on itself that it could not change by fiat. (that is change the greenback to gold ratios at will)
If you know of a nationin modern times that had a gold standard it could NOT change at will, please tell us which nation did that to itself.
And for additional credit, tell us what happened to that nation and why it changed its monetary system, too.
Right. A gold specie standard. Or a guarantee that a minted coin will have embedded or alloyed a specific amount of gold within. Or a guarantee that a paper will be backed by gold that is actually *in* a vault, rather than simply the promise to provide gold at set price.
Gold *specie* standard was the norm for mellenia and is what the radical right Ron Paul types seem to be calling for. In this standard - $35.00 *IS* one oz of gold, no ifs ands or buts. You don't got the gold, you don't print the note. You got the gold, you print the note.
Of course nations have been able to more creatively manage the money supply to accomplish various goals - financing the repelling of an invasion and maintaining sovereignty jumps to mind - but regardless of the merits of these goals this still remains a smoke-and-mirrors approach to imbuing on a piece of paper value it does not have to take from those who got.
In fact, Ed is not 100% wrong to complain about the nature of fiat. He's just full of shit when he calls everything that isn't a gold standard to his liking "liberal fiat".