drinker wrote:
I don't understand the reasoning of those today who want U.S. dollars backed by a mineral.
Doesn't it make more sense to back it by the value of goods and services our economy produces?[/quote]
Goods and services fluctuate in price. Gold does not grow on trees like some goods. Literally need billions of years to be "born". Impossible to game the system. Also gold buys roughly what it bought in the time of Jesus Christ. When mania and bear phases wear out it revers to "intrinsic" price. It's meant to be an anchor(store of value), not a speculative tool. That and silver. Run on same fundementals.[/quote]
You dont think the price of gold is speculative or can't be manipulated in the market? How do you propose the United State acquire gold to back the money of the World's largest economy as it grows? I'd rather the U.S. government buy carbon emissions credits (another bad idea) than gold.