To: Iwo Jima
By definition, any amount of gold which has ever been known to exist in the history of the universe would be sufficient. I'm interested in the amount of gold the United States would need to back the money supply of the United States. Could you be more precise than, "All the gold ever produced would be enough".
128 posted on
08/23/2007 3:07:16 PM PDT by
Toddsterpatriot
(Ignorance of the laws of economics is no excuse.)
To: Toddsterpatriot
You see, oh statist one, the beauty of the free market is that no one person needs to have all of the answers to all of the questions that a free market requires. I do not need to be able to answer your unanwerable question in order to know that the free market will do as has been done for millenia. The amount of gold in the world will be "enough" because all other prices will adapt to that supply.
There is a reason that gold and silver have been chosen over and over and over as the currency of choice, and it is precisely because no one person or persons or government controls or even knows the exact amount of the supply. That which is a negative to you is what makes it valuable as a medium of exchange and store of value.
131 posted on
08/23/2007 3:17:30 PM PDT by
Iwo Jima
("Close the border. Then we'll talk.")
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