Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: maceng2 who wrote (24438)	10/22/2002 5:46:08 AM
From: Snowshoe	Read Replies (1) of 74559

Pearly, backing currency with gold is a joke because the government can devalue the currency any time it wants to by revising the exchange rate. Even when we were on the gold standard, it was still a fiat currency because there wasn't enough gold on hand to cover a run against the US$. We're better off to admit reality and use a floating exchange rate for gold, so the POG can adjust without the shock of sudden currency devaluation.

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