DeepHour wrote:
The gold embedded in the notes business is interesting, but it's difficult to imagine precious metals being used in any mainstream modern currency as long as the engines of our economic systems continue to be debt and inflation.
Agreed.
In fact, as you know, the primary purpose for the invention of all fiat currency was so that the ubiquity of and dependence on debt, could
be assured. It is much harder to engage in currency devaluation without fiat, though the Romans eventually chipped away at it.......
There is a small, but vocal, sub-set of ppl that believe that when our current currencies complete their devaluation and "go to zero", that
the world will return to a "gold-standard". I don't believe that for one second. Once the current competitive devaluation is complete,
they will merely create another fiat and repeat the cycle. The next fiat will be an electronic one, no more paper/coins. Rogoff and
many other eminent Econs are advocating for 100% cashless already.