Quote:
Originally Posted by Toadrax
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." |
Hmm, honestly the thought has never even crossed my mind. I'm not sure what I think of that. Offhand there would be so many logistics problems that would have to be overcome. And I'm not sure who would be doing the competing? States? Anybody with a press? I read through the link but it didn't really explain how exactly this would all work.
There are many countries that 'use' multiple currencies, other nations using their official currency but also doing some transactions in dollars or euros comes to mind, but I can't think of a nation that actually has multiple locally sanctioned currencies that aren't indexed from one another.
It's a curious idea. Makes me want to read more about it.