[justshutupandtakeit]

Yet, the Founders explicitly rejected a prohibition on paper money within the Constitution.

Gold is a dead issue as far as money goes. It has rarely worked well for long and there is no doubt that it would ever do so again. Gold is just another pretty metal with no intrinsic worth. Why did its price collapse if it is so useful as money?

[SkyRat]

Gold is a dead issue as far as money goes. It has rarely worked well for long and there is no doubt that it would ever do so again.

Can't you say the same about paper money? Hasn't every attempt to use paper money eventually ended in an inflation? I'm not against a paper based money per se. But it should be backed by something, gold, land, whatever. And the amount banks can fractionate their savings should be restricted. I also don't like the idea of a central bank. What's wrong with competition between banks?

That's just my understanding of the issue. I have never been good at economic theory. So, what do you say?

[american spirit]

Believe what you wish but I'll take my chances on something that has been a medium of exchange since biblical times and it's pretty obvious that inflation and the debt at the fedgov, corporate and personal levels is off the charts since we were taken off the gold standard. Also, we'll probably see in the not too distant future which has more value....gold or the federal reserve NOTE....when the various currencies in this hemisphere are harmonized under coming American Union.