Some people would assert that if governments were prepared to accept monetary discipline there would be no need for gold, but this is rather like the statement that if there were no sin there would be no need for laws. In the effort to please (or bribe) their voters, governments are under constant temptation to do things that, directly or indirectly, lead to monetary expansion and inflation; and it may be easier to resist such temptations if the authorities are subject to some form of external discipline, even though it is one to which they have voluntarily submitted. Politicians cannot be expected to accept such a curb on their powers unless the public demand for it is so strong that acceptance is the only way to get elected.
-From Gold or Paper by E. Victor Morgan & Ann D. Morgan, 1976
Quoted by Keith M Barron
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