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<p>[QUOTE=&quot;Cloudsweeper99, post: 1179151, member: 3011&quot;]I think we might see some version of the gold system.&nbsp; It is unlikely that gold will be returned to its historical role as currency, but it is very feasible to use gold as partial backing for the issuance of currency.</p><p><br /></p><p>Interestingly, most people think they know what the gold system is, but almost nobody really understands it.&nbsp; There isn&#039;t much information available regarding the mechanics of the system that existed prior to World War I, a time when international trade was a higher portion of world GDP than at any time up to about the mid-1990s.&nbsp; No university program that I am aware of teaches how it actually worked, and usually it is just mentioned in passing.&nbsp; Antal Fekete has done a good job of recording how it worked and how it related to the &quot;real bills doctrine&quot; of Adam Smith which enabled a small quantity of gold to support a massive amount of commerce.&nbsp; It&#039;s interesting reading for anybody who wants to know how gold functioned as currency in the real world instead of imagining that people walked around with pockets full of gold coins.[/QUOTE]</p><p><br /></p>

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