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You've misunderstood my point. You're saying gold bugs complain that the currency is no longer backed by gold. As an aside, the US dollar has never been 100% g
by jmyeet 5y ago
You've misunderstood my point.
You're saying gold bugs complain that the currency is no longer backed by gold. As an aside, the US dollar has never been 100% gold-backed in its history. Ever. Not once. Anyway, my point is that even if it was gold-backed (even to 100%) there is still trust required that that's actually the case and you're reliant on the government to actually enforce that.
My point is that a gold-backed currency is no better than a fiat currency because you're still reliant on a government and collective delusion either way.
- throwawaylinux 5y agoYou misunderstand the gold bugs' position. They do not believe they can somehow make a currency that is impervious to a rogue government's meddling or is free from the need for any government regulation or enforcement. They believe a gold standard is a better monetary system than the federal reserve fiat one in use now.
- notch656a 5y agoTrust can be eliminated by switching to commodity money (made of the commodity, such as gold), with the option of appraising the money during a zero-trust transaction (those with trust can take minted commodity money at face value). Fiat and gold-backed currency is not the only option here.