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To: Turbopilot

I'm not sure if quoting John Kenneth Galbraith is such a good thing anyways.

But basically it's a plea to go back to gold/silver/precious metals reserves.

To an extent, while I'm coming to understand the arguments AGAINST going back to a standard, I also think having some backing wouldn't be a terrible development.


16 posted on 11/29/2005 2:14:49 PM PST by Skywalk (Transdimensional Jihad!)
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To: Skywalk
But basically it's a plea to go back to gold/silver/precious metals reserves.

That part is understandable, and I too can see the arguments on both sides. But whether currency is backed with gold or government debt has nothing to do with the fractional reserve system, which 1) is not a conspiracy, or secret in any way and 2) is required for functional banking. I like being able to do things like buying a car and a house, and getting a little return on my savings.
20 posted on 11/29/2005 2:27:12 PM PST by Turbopilot (Nothing in the above post is or should be construed as legal research, analysis, or advice.)
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