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Non-Tech : The Woodshed

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To: Elroy Jetson who wrote (30770)	7/23/2005 7:00:19 AM
From: critical_mass	Read Replies (1) of 60908

The statement from Greenspan was interesting to say the least. Without some qualification, the term "Gold Standard" is open to a vast array of interpretation. If a fractional reserve banking system is in use, backing by gold, tabacco, or any other commodity seems almost irrelevant. From Wikipedia en.wikipedia.org "If the monetary authority holds sufficient gold to convert all circulating money, then this is known as a 100% reserve gold standard, or a full gold standard. In some cases it is referred to as the Gold Specie Standard to more easily separate it from the other forms of gold standard that have existed at various times. Some believe there is no other form of Gold Standard other than the 100% reserve Gold Specie Standard. This is because in any partial gold standard there is some amount of circulating paper that is not backed by gold, and hence it is possible for monetary issuing authorities to attempt to use sienurage, and possibly inflation. Others, such as some modern advocates of supply-side economics contest that so long as gold is the accepted unit of account then it is a true gold standard."

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