“Worried people do indeed turn to gold for protection against depreciation of a currency. When the discipline of the gold standard is respected and currencies are convertible into gold the money supply cannot be expanded indefinitely. If great deficits arise from overwhelming events such as wars for survival, the right to redeem currencies in gold is inevitably suspended or even abandoned completely as far as a specific form of currency is concerned and inflation results as the paper money supply grows in response to mounting claims. In such times people would turn to gold if they were allowed to. When this right – this protection – is denied, the money managers can meet deficits without restraint by creating more and more unredeemable paper money, thus bringing about a selective and most unfair confiscation of wealth through inflation. Confidence in gold is far more enduring than respect for fiat currencies and when currencies are not convertible into gold....their official valuation in such terms becomes meaningless.”