Do you prefer money backed by silver or gold? Why do you think the Liberty Dollar is not more commonly used?

Question

http://www.libertydollar.org

Answer 1

We never should have gone off the gold standard.

Answer 2

The world's economy outgrew the Gold standard 60 years ago.

There is not enough gold to back the american economy, not even mentioning the rest of the world.

Its estimated that 110,000 tonnes of gold has been mined in human history.

1 tonne = 2,200 lbs

if you do the math, that come to a little more than a trillion dollars worth of gold mined in human history.

The US economy alone is almost 13 trillion yearly.

So clearly we could not go back to the gold standard today, even if we wanted to, there just isn't enough gold.

There is even less silver than there is gold.

Answer 3

It sounds like this outfit is selling investments in gold and silver, and sending certificates redeemable in these metals.

The value of the currency depends on the reliability and creditworthiness of the outfit issuing it.

I would just buy these metals myself if I were choosing to invest.

Yes, the gold standard had its positive attributes.

PS It's also noteworthy that the site you mention starts off asking for contributions to a legal defense fund!

Answer 4

No. There is far more money floating around than there is silver and gold to back it. Money is a medium of exchange.

People seem to prefer paper money. Carrying coins can be a nuisance. People don't like to change, especially when there is no incentive.

Answer 5

Because people don't know about it, and frankly a lot of people can't get the economic principles necessary to understand why fiat currency is a bad thing.