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Pretty much every useful currency these days is "backed" by absolutely not one single atom of metal. Which, it turns out, works just fine -- the belief that go
by ubernostrum 15y ago
Pretty much every useful currency these days is "backed" by absolutely not one single atom of metal.
Which, it turns out, works just fine -- the belief that gold has value is roughly as magical as the belief that saying some words can turn wine into blood (and a prime sign of religious dogma in both cases).
- wnight 15y agoThe problem is that in ditching gold they went straight to faith-based currency. Even if gold was ugly and useless it'd still be a better base for currency than nothing because of its scarcity. It's too easy to create more money. We don't even print it anymore.