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[–] avgwhtguy1 0 points 1 point (+1|-0) ago 

Gold and silver are not the best currecy backers, they're a dogma of the past. Mainly, the amount of gold in circulation has little to do with the amount of economic activity, so having enough currency becomes a problem, and likewise hoarding.

Currency should be created at the same rate as the economy grows. It shouldn't be valueless, but it shouldn't be more rare than well directed hard work.

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[–] EyeOfHorus 0 points 1 point (+1|-0) ago 

You just explained why gold and silver are the best money. The amount of work required to mine and mint one ounce of gold serves as the baseline to define one unit of wealth. It is the foundation upon which all other values, labor or material, can be compared.

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[–] avgwhtguy1 0 points 1 point (+1|-0) ago  (edited ago)

If that were the case a world in which everyone mined gold would have more economic value than a world with doctors, scientist, engineers, farmers, tractors, televisions, etc.

Gold is one step above salt, we should keep evolving, not regress.

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[–] Cantilever [S] 1 point 1 point (+2|-1) ago 

Gold and silver are not the best currecy backers, they're a dogma of the past. Mainly, the amount of gold in circulation has little to do with the amount of economic activity

The current amount of economic activity has been over inflated by a century of fiat. We need to slow the fuck down

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[–] go1dfish 1 point 0 points (+1|-1) ago 

You can’t have a labor backed economy without dictating the value of labor from the top down.

Currency doesn’t need backing, it needs rigidly enforced rules and a lack of centralized control. These are achievable through backing with a limited commodity like gold.

Money is speech.

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[–] avgwhtguy1 0 points 2 points (+2|-0) ago 

All economies are labor backed. I think you meant labor backes currency, which I dont advocate for, I just said you cant have a rare currency or your economy will be stagnant.

How can you say currency doesn't need backing and then back it by gold?

I agree it needs rigid rules, but that's not a good enough reason to back it by gold.

There are better ideas, don't be afraid to think outside the goldbox.