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Just guessing, but at current prices I doubt there's enough gold in America to cover a minor confidence crisis where less than 1 percent wanted their virtual dollars exchanged.

It doesn't have to be gold. You can use silver or iron or oil or any similar commodity instead. You could even use Coke. :-)

My problem with the Fed is that they have the power to control the amount of cash banks must have on hand. You cannot start up a bank without the Fed telling you how to run it. Not what I call free enterprise!

" It doesn't have to be gold. You can use silver or iron or oil or any similar commodity instead. You could even use Coke. :-) "

Hmm… now that completely changes what I last said. ;^)

I may be wrong, but this seems to state that it's Congress rather than the Fed that sets the reserve requirement. It also sounds as if your concerns have shifted a little since your first objection on this thread. I'm not trying to force feed you any of this stuff. I'm no expert, but I don't want to spend a lot of time going round and round on this and parrying your jabs at something that you're no more of an authority on than I.