Dr. Shades wrote:Before I can answer that question, I need to know:
What part/parts of Ayn Rand's philosophy is/are incorrect, if any?
Here is one:
http://aynrandlexicon.com/lexicon/gold_standard.html
Gold and economic freedom are inseparable, . . . the gold standard is an instrument of laissez-faire and . . . each implies and requires the other.
This is false.
What medium of exchange will be acceptable to all participants in an economy is not determined arbitrarily. Where store-of-value considerations are important...
And on and on....blah blah blah
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold . . . .
This is false. The reality of oil could be considered here to undercut gold, but the purist laissez-faire means to keep inflation in check is the FOREX market. Let the greed of nations and the greed of citizens everywhere unite and cancel each other out in the global, free market of currency.
If you want to protect yourself from inflation, you can still buy gold, but you can also get into a hedge fund.
Must of us need inflation these days, however, as we tend to have debt rather than savings.