Murray Rothbard reports:
From his earliest days, Irving Fisher was – properly – considered to be a monetary radical and a statist for his desire to scrap the gold standard. Fisher realized that the gold standard – under which the basic money is a commodity mined on the free market rather than created by government – was incompatible with his overpowering desire to stabilize the price level. Hence, Fisher was one of the first modern economists to call for the abolition of the gold standard and its replacement by fiat money.
