He was one of the first people to predict, correctly, that a system of freely floating exchange rates, unconnected to gold, would work just fine.

FORBES: We're In Milton Friedman's World

Of course, many crises happened during the gold standard era, before floating currencies appeared in 1971.

FORBES: Let It Be Known That No Financial Crisis Was Ever Caused by Stable Money

Once we pick a number, then sometimes the issue comes up of a transition period, from the present floating system to the initiation of the gold standard system.

FORBES: Returning to a Gold Standard System: Why and How?