Quote:
Originally Posted by icenine
the gold standard has nothing to do with our current economic fragility. If you were to actually peg every dollar to a ounce of gold in a vault you would take so much money of circulation that the mother of all depressions would soon take place because of the deflation such a move would cause.
Gold is a fiat too if you really think about it.
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Im sorry but your wrong. Look at the facts history and time frames.
Ya I can sit a round and say it's the housing bubble, or Dotcom. And try to point to a specific current affair. But none of it represents the origins of it.
I love it when people say that currency can not be pegged to a tangible asset such as gold. Theres not enough Gold ha ha ha. I'll explain this another time. Constitutional currency is bimetal.
Also by you making this comment proves the point I was making.
If you were to actually peg every dollar to a ounce of gold in a vault you would take so much money of circulation that the mother of all depressions would soon take place because of the deflation such a move would cause.
It was pegged in 71 what happened since then?