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<p>[QUOTE=&quot;kevin McGonigal, post: 2373952, member: 72790&quot;]A country that has a paper currency pegged to precious metals as its medium of exchange has imposed upon itself a discipline no modern state will accept, that is limiting its expenditures to its income. Whether it be the later Roman Empire creating a fiat copper coinage nominally worth far more than its bullion value, a Continental Congress flooding the economy with an increasingly worthless fiat currency, the Confederacy trying the same thing, the Weimar republic trying to liquidate its domestic debt from the Great War with million Mark notes and Notgeld, all such fiat currency schemes eventually run into the reality of the public growing skeptical of its money&#039;s worth. We cannot ultimately escape what we almost experienced in 2008 (it was a close thing) that is, the people realizing that purely paper assets may become as worthless as yesterday&#039;s newspaper.[/QUOTE]</p><p><br /></p>

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