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<p>[QUOTE=&quot;doug444, post: 1613433, member: 38849&quot;]The question of &quot;obsolete&quot; is not the issue, nor the final outcome.&nbsp; At some point, the most powerful nations will have to AGREE to create gold-backed currencies, on EQUAL terms.&nbsp; This is unlikely.&nbsp; But what is essential is that &quot;half&quot; the countries or any other fraction, &quot;agreeing,&quot; won&#039;t work; it&#039;s all or none.&nbsp; The holdouts would immediately start trading their paper currency for the participating nations&#039; gold, regardless of the exchange rate.&nbsp; The concept is doomed unless you have virtually 100% participation.</p><p><br /></p><p>Also, suppose an agreement actually comes to pass; the richer nations will grow richer still, and the poor nations will only get the gnawed-over bones of international trade and settlement of counterparty risk.&nbsp;&nbsp; It will take a century to stabilize the currencies, and grow our collective way out of this mess.&nbsp; Do you have teen-agers now?&nbsp; They are the ones who will suffer most, and it&#039;s their standard of living that will decline, but they are innocent of any wrong-doing, except not understanding how the world works.[/QUOTE]</p><p><br /></p>

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