Re: Explain to an idiot the benefits of going back to the Gold standar
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You can base it on diamonds or toothpaste if you want. Those things have real value too. If you have paper money, tied to a hard asset, then that's ok. A few decades ago, I think it was US$35 per ounce of gold, and you could trade the paper around, but if you ever wanted to, you could redeem that paper for real gold from the government.
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Only a very limited number of organizations (I believe central banks and foreign governments) could actually redeem dollars for gold @ 35$ per ounce from the US gov.
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