OK?
2007-09-27 16:53:31 · 4 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
Its a great idea. However, an even better idea would be to simply outlaw fractional reserve banking and to force banks to issue notes that are backed by gold.
We don't need the government to create a Gold Standard and we don't need arbitrary amounts of money. I'd much rather pay for a car with 15 ounces of gold and 10 ounces of silver than 15,000 "Dollars." We should just go to a Free Market in money and ban the government from being involved.
2007-09-27 19:01:36 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Won't work. Granted--there are downsides to fiat currency (whatwe use now). But--here's the BIG problem: our economy and population are simply too large. There's not enough gold and silver to provide a readily available medium of exchange.
There's other reasons, as well--but that problem surfaced as far back as the 1890s--it was only the discovery of the Klondike (Alaska) gold fields that kept the gold standard viable into the 1930s. Now--no way.
2007-09-27 17:15:32 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Why? Seems to me we've been doing great the last 65 years or so with fiat money. That's certainly longer then we've ever gone without a crash of some sort, including when we were on gold and silver backed money.
2007-09-27 16:57:15 · answer #3 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
The US Government as of 2005 has 261,492,025 troy ounces of gold in reserve. At $737.00 an ounce, that puts the total value of our gold reserve at $192.7 billion. I don't think it is practical to go back on the gold standard.
2007-09-27 17:03:57 · answer #4 · answered by Anonymous · 1⤊ 0⤋