Keynes And The Gold Standard, Redux

It’s of course no surprise that John Maynard Keynes was a fierce critic of the gold standard, but lest anyone think that he was an unthinking proponent of fiat currency, consider this quote from James Rickards’ Currency Wars:

Near the end of his life, Keynes supported a new currency, which he called the bancor, with a value anchored to a commodity basket including gold. He was, of course, a fierce critic of the gold exchange standard of the 1920s, but he was practical enough to realize that currencies must be anchored to something and, for this reason, preferred a global commodity standard to the dollar-and-gold standard that emerged from Bretton Woods in 1944.