Quite possibly- the world's most intelligent idiot- is Ben "Shalom" Bernanke.
Bernanke is a scholar with a perfect SAT score. His credentials are impeccable. Unfortunately, confined within that monstrous ego of Bernanke's is the inability to be rigorously honest or to contemplate the possibility that he might be wrong about a few things. That's the problem with being a co-opted central banker. You desperately want people to use your worthless fiat currency. You are then forced to find some method of convincing intelligent people that you are right and they are wrong. You can't strip people of their wealth if they abandon your inflated and worthless currency for real money. Gold and silver. A few of us get that. Like Ron Paul. http://economy.money.cnn.com/2012/03/20/professor-bernanke-rails-on-gold-standard-6/?iid=HP_River
I loved that article. The great Bernank says, "there isn't enough gold in the world to adopt a gold standard" as though all of this worthless fiat currency that is floating around is far more valuable. You simply peg currency to a new standard. The last time I did this, priced in dollars, gold would be valued at 6300.00 an oz. That has undoubtedly gone up.
Ben acts as though there is simply no mathematical way to tie currency to a gold standard. That is quite possibly- the dumbest thing to come out of his mouth this week.
The key to stopping inflation has never been central bankers. The key to a stable non inflating currency is limiting the quantity of that currency. Gold backed currency means that you cannot print excess currency when it has no gold backing. That essentially ties thieving central bankers' hands and controls quantity. Inflation is held in check. The currency may actually go up in value. Savers are rewarded under that system and debtors are punished.
Can you create a fiat currency that works without a gold standard? Absolutely. As long as there are laws that rigidly regulate the quantity. Lincoln's greenback was a perfect example of this.
In a perfect world, any system that regulates and limits the quantity of currency will work. I don't need a Princeton professor blowing smoke up my ass and telling me that printing unlimited amounts of worthless paper has no ill effects. History and common sense has proven otherwise.
I really don't know how people like Bernanke live with themselves. Maybe he actually believes that shit. Many of us, unlike Ben, have no motive to lie. We don't make our living by lying to people.