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> Stop issuing green bills-redeemable-for-X-amount-of-gold and start issuing red ones The green ones are no longer gold backed, in that case. Gold-backing whic
by asciilifeform 17y ago
> Stop issuing green bills-redeemable-for-X-amount-of-gold and start issuing red ones
The green ones are no longer gold backed, in that case.
Gold-backing which can be revoked on a whim is not gold-backing in any interesting sense.
- mnemonicsloth 17y agoThe green ones are no longer gold backed, in that case. In other words, gold-backed currency would be completely ineffective at restraining a meat-grinder like North Korea, which is what this thread was supposed to be about.