I’m not saying we adopt gold as a currency, I’m thinking we should try using it more often to measure the value of things. I’m considering working on a web application that allows users to easily determine the price of something in gold by weight. It’s a fun thing to think about. Even with supply shocks from a new reserve, that is absolutely nothing compared to the inflation of the money supply.
Gold can be manipulated. Reserves can be made available or unavailable by the wealthy. You can also have supply shocks if new reserves are discovered.
Also, most banking problems stem from issues with the reserve ratio affecting the money supply. That doesn’t go away with a gold backed currency.
I’m not saying we adopt gold as a currency, I’m thinking we should try using it more often to measure the value of things. I’m considering working on a web application that allows users to easily determine the price of something in gold by weight. It’s a fun thing to think about. Even with supply shocks from a new reserve, that is absolutely nothing compared to the inflation of the money supply.
It would only really be a thing after the depegging of the dollar after 1970.