A multi-metallic standard, where the value of the USD derives its value from a basket of *precious metals*, much like how the People’s Yen in Red China derives its value from a basket of fiat paper currencies?
(Tip: The words people in the Far East use to call their currencies are cognates of each other. It’s an artifact of former/ongoing Chinese regional dominance through the ages.)
It’s not a bad idea. Possibly can have the attraction of counter cyclical price swings in one metal.
The currency basis has to be scarce and valuable as well as durable, and also - most importantly - fungible.
You know all that.
But one element of value is value added. If a material is high value added, something only an advanced society can make, then it’s a good basis as well. Think this is the role jewelry played in previous ages.
But I suggest a modern fungible material to add to the basket: foundry silicon. It only needs sand as the base input, but does not become usable until significant value has been added in creating it. Once created it’s quite fungible, in high demand, and stores well.
Just a thought and illustration. The bimetallism debates of the 19th century ended with the adoption of the current slavery model: the thing that backs our money now is the ability of the people who call themselves “the government” to confiscate our labor and wealth. In other words, we are the fungible commodity that has been used for collateral.
When you see a U.S. bond backed by the “full faith and credit of the United States government” what they mean is they have the guns and the willingness to go confiscate money from the captive group known as “the citizens”.
The English aristocracy had a similar gig called “feudalism”. Marx prettied it up and called it “the dictatorship of the Proletariat”.
But it’s all the same thing: organized gangsterism.
America was a fabulous economic success story from 1787 to about 1920. Getting the government leeches off of everyone’s backs was the most economically liberating thing that ever happened.
But, like Vampires, they came back. They couldn’t let the little people get away scot free. Nope, gotta get the yoke on them again: paper money, income taxes, endless debt with high interest to benefit the few who sit on top of the banks, and make sure they own the guys in the government.
Same old game that they been running in Europe for goin’ on 20 centuries now.