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<p>[QUOTE=&quot;Texas John, post: 1050210, member: 25813&quot;]You would guess wrong. I&#039;m fifty-one, and a self-made man. I&#039;ve also studied of money as an avocation since I was five. The idea that commodity money was a great thing until it was mucked up by fiat money is a canard. Commodity money means the money supply is subject to the whims of shortage and oversupply, as mines go dry, supplies are hoarded, new mines are discovered and hoards are dispersed. </p><p><br /></p><p>A money supply that is subject to the whims of fate, and the vagaries of hoarders, speculators and spend-thrifts, is a ball-and-chain on an economy. Spain made the largest discovery of gold and silver in world history in the wake of the discovery of the New World. The result was runaway inflation, grandiose government projects, civil discord and economic and social collapse that lasted for centuries. What seemed a boon became an almost unsurmountable burden, because the medieval Spanish, like some others today, confused gold with wealth, and had no concept of the worthlessness of money of any kind if there&#039;s nothing to buy with it.[/QUOTE]</p><p><br /></p>

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