Should the government order the backing of all US currency through gold and silver? Is it possible to reenact that policy? Let me know what you think!
No. No. No. Not ever. Never should have been in the first place. Caused horrible human suffering. Next place that does it needs to be obliterated.
No. No. And there’s not one good reason anyone can cite for doing so, other than nonsensical arguments put forth by gold bugs.
The story is told of the Power of gold And its lure on the unsuspecting It glitters and shines It badgers and blinds And constantly needs protecting. Balance the cost of the soul you lost With the dreams you lightly sold Are you under The power of gold?
Should it be done No, Could it be done? Physical currency, yes it could be done, but only after a revaluation of the currency at a 100:1 ratio. (All the electronic currency would have to be similarly revalued as well.) Even then the best thing would be to apply a fractional backing. Is it worth doing? No.
The best reason to use a hard currency is that physical currency limits inflation. The best reason not to use a hard currency is that physical currency limits inflation. Depends on your perspective of what is more important from a macro-economic, political, and ideological standpoint.
It's already in place, below the surface of the fiat monetary systems. Always has been. Gold is moved around based on the growth and power of the countries in possession of it. So like it or not the world is on an a uber-macro (or perhaps unter-macro) gold standard. It's always been this way, it's just slightly obfuscated at the moment.
