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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (82740)3/20/2001 1:13:38 PM
From: Ilaine  Read Replies (2) of 436258
 
The only people I know who advocate a return to the gold standard are the ones who already own gold. How much would an ounce of gold be worth if the world went back on the gold standard? $50K?

Michael Sproul at UCLA argues that all money is backed money.

>>It is possible that fiat money does not exist. A true fiat money would be unbacked, meaning that the issuing entity would hold no assets against the money, would not recognize the money as its liability, and would be unable (not just temporarily unwilling) to redeem the money for anything of value. None of these conditions is true of the U.S. dollar or any other money, and the moneys that have lost all backing (such as the Assignats and the Continental dollars) have simultaneously lost all value.<<

econ.ucla.edu
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