I am pro for the gold standard, Americas money does not lie in purchasing power but it lies in credit which can be changed by a large central bank.Your very simplistic argument of 'to much money, to little gold' is not sufficient to dealing with economic affairs of the country.The key ideal we are looking at is inflation rates, very simple idea, more money = less purchasing power, less money = more purchasing power.Do you not think that it is sad that the amount of money surpasses the amount of gold in the United States? I do not believe gold should be the only metal used to back up are currency, silver and platinum should also be used.Keep in mind that the federal reserve loans money to the federal government at a intrest rate and then the citizens have to pay the money back via. taxes, Would you want to pay your taxes to a bank which can print money freely and manipulate credit and inflation as they please, or a bank that is spending money wisely and not loading citizens with perpetual debt that could never be paid off because they cant just print money there money needs worth.We can keep are national currency and low inflation rates, I hope you accept my debate.
the point of the Gold/ precious metal standard is not to get rid of money, It is to change the current system so that the US dollar has backing in some amount of precious metal. For instance, You could say that 5 dollars is a quarter sized amount of silver and stuff like that. Quarter size of gold? 500 dollars. You give the dollar a set amount that it is worth and then no longer change it. This should go a long way to stabilizing the economy.
Without gold money has no real value. You just pretend that it does. Others, More objective and less biased ones, Prefer to live in reality rather than fantasy world.
If Gold was the system of currency, how much would 6.25 g (about the weight of a Quarter) of gold be worth? Wouldn't it be worth more than the amount of money needed for daily transactions (about $500)? A piece of silver the size of a coin this big would b worth about $5. This seems too expensive.
Money on the other hand, allows people to artificially determine how much money a dollar is worth, irrespective of how rare it is because it's rarity, unlike that of metals, can be controlled.
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How would banks do this?
Money on the other hand, allows people to artificially determine how much money a dollar is worth, irrespective of how rare it is because it's rarity, unlike that of metals, can be controlled.