Originally Posted By: wfaulk
Again? That says "Posts: 1".

But I can answer your question: a Libertarian loon.

He'll go on and on about fiat currency, but even begin to suggest that gold is also a fiat currency (albeit one harder to produce more of), and he'll go off his rocker.


I agree that gold has no utility (historically, except in modern electronics). I support a fiat currency. Colonial Scrip used by the American colonies is an excellent example, as are the Greenbacks created by Lincoln. Tally sticks were used in England for 700 years.

Reverting to a gold-backed currency will not fix the problems of fractional reserve lending practices and a privately-owned central bank.

In some cases a non-fiat currency can have devastating effects.


Edited by Mojo (22/10/2008 18:31)