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Global Currency Backed By Gold?

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posted on Jul, 7 2009 @ 08:10 PM
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I am writing a paper and need some help with this question.

This is a simple question. Would you be opposed to a global currency that is backed and able to be traded for gold? Why or why not?



SR

posted on Jul, 7 2009 @ 08:17 PM
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Cause gold is a finite substance maybe?? Although i do agree in principal.



posted on Jul, 8 2009 @ 12:50 AM
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It will only happen when the elites have total control of all the gold.

I am more supportive of a fiat currency somewhat like the Lincoln Greenback (en.wikipedia.org...where the government would be politically pressured to offer a workable monetary system that is non debt based and still be able to be flexible enough for economic growth.

Our current fiat system is debt based and it is no wonder why we are so in debt. A gold standard will just put all the gold into the hands of those that control most of the debt and money supply. I bet there is a ton of gold already stuffed into the vaults of many elites. They can switch the backing of the currency and most of us will be totally screwed.



posted on Jul, 8 2009 @ 01:08 AM
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My take is that there will never be a global currency, even less if backed by gold. We will get rid of currency before we can agree on a global one.



posted on Jul, 9 2009 @ 11:31 AM
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I'm heavily invested in the gold sector and expect a gold backed currency but i have to admit it's a stupid idea basing a nation's wealth on how much of some useless yellow metal they have in their vaults. Money is just a medium of exchange and fiat money would work just fine if govt's would only be responsible. But they aren't as shown by america's trillion $ giveaway to the banksters. If we had been on a gold standard the last 30 years, this present credit crisis would have never happened because the bankers would have known the govt couldn't bail them out even if it wants to.


So i think a gold currency is on the way.



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