3 ms·
Well that shifts the value away from the bill being a promissory note and back to being the actually valuable item. Kind of like a commodities backed currency,
by huffmsa 8y ago
Well that shifts the value away from the bill being a promissory note and back to being the actually valuable item. Kind of like a commodities backed currency, which most nation's try to avoid.
- Fjolsvith 8y agoThe amazing thing about currency being actual valuable things (like precious metals or gems) is that it cannot be devalued by "printing" more of it from non-valuable things. Nations try to avoid this because they can spend freely on a promissory note currency system. It is a recipe for disaster in the long term.