[ex 98C MI Dude]

Those are two very great flaws, but I'd add another, the inflexibility on monetary policy relative to fiat money.

Which is why we had to leave the gold standard in times of crisis.

But I don't see the Fed as really bailing water yet because of congressional spending. The FED has kept inflation down, telling me they aren't bailing due to congressional spending.

That may well be true. I really don't know enough about the subject to argue against it.

[mnehring]

In times of crisis, I would much rather my currency be based on oil or grain. Gold only has a perception value and in times of true crisis, could be worth nothing if no one found value in it.

In other words, if the SHTF, you can’t eat gold, you can’t shoot gold, and you can’t burn gold.

We also produce very little gold, so in times of crisis, we can be held hostage by external forces.