[justshutupandtakeit]

"Progress" is the equivalent of Technological change. Which is necessary for purchasing power increases without deflation.

History has shown what happens to attempts to have a Gold Standard. It doesn't work under any but very special conditions and even then gives a natural advantage to countries with mines. Why should the world accept a system which empowers South AFrica or Russia merely because of metal deposits?

[Fyscat]

Gold, at this point, will never be used as a standard again for the U.S. for many different reasons. But to say one shouldn't have a little bit for insurence purposes isn't sound advice. If we go into a depressionary cycle, wouldn't you want something to fall back onto?

[#3Fan]

Why should the world accept a system which empowers South AFrica or Russia merely because of metal deposits?

At least miners do real work. Right now we accept a system where a few bankers in European mansions do nothing and are empowered. The Federal reserve is based on private banks.

[#3Fan]

Why should the world accept a system which empowers South AFrica or Russia merely because of metal deposits?

By the way, how much gold production is there in Russia and what is that in percentage terms of global production? I wasn't aware they were one of the superproducers.

[Deuce]

So it looks like we are in agreement that a fixed money supply would reflect progress/technological change through increased purchasing power. As to your comment that:

History has shown what happens to attempts to have a Gold Standard. It doesn't work.

This is pretty cavalier. For 5000 years (minus about 30) money was a commodity. It worked fine, except those who understood money best got government to grant them a money creating monopoly. They also convinced enough others that this all made sense.

[a gold standard] gives a natural advantage to countries with mines. Why should the world accept a system which empowers South AFrica or Russia merely because of metal deposits?

Nonsense. First see my post 105. Then, tell me why you prefer the current system which gives Russia credit created from nothing that they can NEVER repay anyway to buy goods rather than have them mine gold for those goods. I prefer an honest monetary system to a debt based fraud.