74 ms·
>It's bad enough paper money is now just a joke without a gold-backed or other real world commodity, just print as much as you can to keep the average joe/jane
by imtringued 3y ago
>It's bad enough paper money is now just a joke without a gold-backed or other real world commodity, just print as much as you can to keep the average joe/jane in the dark about how bad the value of the currency really is
Why does this matter? According to Fisher Black people just substitute the money they don't want with the money they want. So far the only widespread substitution that is happening is boring fractional reserve banking. Barter clubs are an unimportant niche. For everyone else they can just trade their money for something that matches their philosophy better. If you think gold is the right choice, then don't force it onto other people.
Also, the value of money today is mostly backed by contractual obligations, so the situation is actually pretty good.