The Gold Standard

[Cloud13]

I've been thinking the last few days about the possibility of returning to the gold standard [Paper money is backed by and is exchangeable with gold]. I've come across several advantages (Inflation dramatically reduced, if any at all) and disadvantages (nations concern more about mining gold than producing technology and whatnot).

I'd like to see what opinions you might have on this.

http://en.wikipedia.org/wiki/Gold_standard
http://en.wikipedia.org/wiki/Fiat_currency

[zamwini]

Thats never gonna happen. Since the federal reserve pretty much controls our economy and government, and they don't want it, then there is no chance of returning.
The federal reserve can make instant inflation, and they are not gonna give that up.

[Solitude]

goldstandard reminds me of a wwe wrestler, shelton benjamin lol...

I also believe that mining gold will be the problem, and most people will concentrate on this rather than other things

[V-Opolis]

not possibly enough gold to fix the debt, and it would fix our problem if we did somehow return.

and since our economy is based on debt now, were screwed.

[Ronin]

That would be just silly.

[Str1der]

I remember one of my professors talking about this exact issue in class.

Basically, there is not enough raw gold in the world to supply our economy. Going back to gold as our standard might for awhile remain strong, but ultimately we'll just run out of the gold needed to back up our paper money.

[Z0MBiE]

i'm all for bringing back some slavery.

*grabs whip*