To: BJClinton
Except that it really isn't-- the dollar is only as good as the government's credibility to stick with the standard. Most of the "gold bugs" do not favor a return to a government gold standard, but rather a return to private currencies based on gold. Although there are some maverickes like Hayek who would also support private fiat currencies.
3 posted on
12/13/2005 5:53:42 AM PST by
Jibaholic
(The facts of life are conservative - Margaret Thatcher)
To: Jibaholic
Interesting idea.
The fact is that there isn't enough gold above or below ground to back the debt committments of the world's fiat currencies. The credit card is maxed out. There will never be a return to the gold standard. That bridge is washed out.
But gold backed niche currency vehicles are going to play a big part in the unfolding of fiat currency instability.
You have said a very important thing.
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