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Politics : Politics for Pros- moderated
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To: Nadine Carroll who wrote (72223)9/21/2004 3:32:07 AM
From: Ilaine  Read Replies (1) of 793896
 
The alternative to the American dollar, by the way, remains gold.

Gold has been the world's reserve currency for thousands of years. It's not perfect, for example, there simply isn't enough of it to avoid deflation, and it's heavy and hard to divide into trivial sums such as pennies, but it's totally reliable.

Without the US dollar, we'd be using gold again, which would be a disaster. That's what caused the Great Depression of 1929. But it's far superior to unbacked fiat money, that's what caused the hyperinflation of the early 1920's, an even worse disaster. It also destroyed the French economy and led to the French Revolution. Among other historical disasters, just naming a few.
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