Quote:
Originally Posted by kingkilburn
I need to think about the first question but the second I would say no.
It is already a traded commodity and has a value that is excepted by those that trade it. We would just go back to a dollar bill being a note exchangeable for a set amount of gold.
|
there isn't enough physical gold to cover all the dollars in circulation at market price, and, more importantly, everyone pretty much knows this.
that would basically cause a "run" on the dollar (not unlike a bank run), which would quickly become worthless.
we'd basically be back at 1971.