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Gold seemed to work for a long time.


They keep digging more of it up too, it's not like Bitcoin. It's also not a good thing to run an economy on, but that's another concern.


Every fiat currency ever has collapsed, yet gold is still being hoarded in vaults. You have a limited perspective of history.


I'm no fan of fiat, but your statement is tautological at best: the fiat currencies that have collapsed, collapsed. Communications tech and electronic fiat make the future anyone's bet.


Tomorrow always different right?

You're some saying it'll be different this time, and the only explanation you give is, 'communications' and 'electronic', and yet plenty of fiat currencies have collapses under such systems. Again, every fiat currency that has ever existed has collapsed, sure there are some new ones that haven't yet but to believe they won't is magical thinking.

Again gold, after thousands of years, is still being hoarded in vaults by every major and minor world power, you really need to review some history.


The USD and Euro haven't collapsed, so I'm not sure what you're getting at.


No it didn't. It worked for less than 100 years and ruined many national economies.


Define "work". Gold denominated WW1 debts caused WW2.


The problem sounds like the debts, not the gold. Since, if you accept the debt deflation hypothesis and the idea of debt overhangs, these obviously occur in fiat money systems as well. Gold makes it hard to inflate monetarily, but we observe that catastrophic debts still occur in its absence.


A gold standard makes debt deflation routine whereas fiat money systems make it much easier to adjust to systemic capital flows.

In essence the problems faced by Greece are due to a reinvention of the gold standard despite there not being gold involved this time around.

Point being that Gold only "worked" for a small elite and it was largely devastating to the rest.


The problems faced by Greece are from a lack of monetary sovereignty, but to equate it as somehow being like a gold standard simply on locus of control alone sounds more like a political talking point than anything else.


Catastrophic debts occur in its absence, but fiat money gives a way to handle catastrophic debt in ways that are a lot less harmful than when it happens in a gold based system.




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