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There is a misconception by those who push the Austrian school of economics that it states going to a single commodity standard would eliminate inflation, deflation, recessions, etc. In actuality, the Mises/Hayek Business Model Theory (basis for Austrian economic theory) specifically states there will be inflation, deflation, recessions depressions that happen, and must happen, as market regulators.

The other falsehood is that there are only two options of extremes, the Austrian School or Keynesian. In reality, economic models proposed by people like Milton Friedman and others offered a more rational, and nationally secure approach that based currency on all production or multiple commodities instead of a single commodity- reducing the risk of outside influence and protecting economic interests. There is a reason why economies that are backed by a single commodity fail (with the exception of the Swiss Franc but there are a lot of factors as to why that is strong.)

The other falsehood is that there are only two options of extremes, the Austrian School or Keynesian. In reality, economic models proposed by people like Milton Friedman and others offered a more rational, and nationally secure approach that based currency on all production or multiple commodities instead of a single commodity- reducing the risk of outside influence and protecting economic interests.

I'm not an expert on this, and enjoy reading both sides. I will say that your post makes a lot of sense. It seems our problem is not that we are not on a gold standard, but rather that profligate spending has put us in a position where the easy way out is to print money (which is obviously enabled by the lack of the gold standard). Intuitively we all know this can't go on. That doesn't mean the only solution is to go to a pure metals-based standard, as that appears to have a lot of flaws as well.

How about we just require a balanced budget at the Federal level, and let the Fed do it's thing in tweaking money supply to account for economic growth? Isn't it that simple?

"There is a misconception by those who push the Austrian school of economics that it states going to a single commodity standard would eliminate inflation, deflation, recessions, etc. In actuality, the Mises/Hayek Business Model Theory (basis for Austrian economic theory) specifically states there will be inflation, deflation, recessions depressions that happen, and must happen, as market regulators."

So if inflation, deflation, recessions and depressions must happen, why switch to a gold or metals standard? What possible advantage could it have? The only advantage I see is to the largest gold producer which is the Chinese and maybe the currency traders like Soros.