Quote:
Originally Posted by dismayed
I'm also not a big fan of the "lets back our reserve with gold" movement. First of all, there isn't enough gold in the world in existence today to support our economy. That means in order for gold to back the dollar we would have to seriously and significantly crash the value of the dollar, shrinking the pie enough so that a dollar could be worth some gold equivalent.
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I totally agree.
No one is really saying we should back the reserve with gold, but a lot of people are bringing up the idea of "competing currency" and it is an idea that looks pretty good.
Statement on Competing Currencies
It is a pretty good read.. it concludes with:
"In conclusion, Madam Speaker, allowing for competing currencies will allow market participants to choose a currency that suits their needs, rather than the needs of the government. The prospect of American citizens turning away from the dollar towards alternate currencies will provide the necessary impetus to the US government to regain control of the dollar and halt its downward spiral. Restoring soundness to the dollar will remove the government's ability and incentive to inflate the currency, and keep us from launching unconstitutional wars that burden our economy to excess. With a sound currency, everyone is better off, not just those who control the monetary system. I urge my colleagues to consider the redevelopment of a system of competing currencies."