I’m referring to private banks issuing receipts for metal deposits, which can be freely sold or traded. This is the origin of currency, no? The exchange rate between everything and everything else naturally floats in such a system, so there is no central planning.

> a working knowledge of economic history is crucial to be a part of this discussion

Here, let me get you a towel for that egg on your face, rude sir.

The only difference here being that you’ve described it before things like watering gold down, fraud, volatility, bank failures and the rest resulted in it coming under a single aegis.

Issuing currency against gold is what the gold standard is all about. What do you think it was?

And eggs are expensive, you should save them for later.

This seems pretty reductionist in a way that ends up being quite lossy.

With the gold standard, I believe the conversion rate between the dollar and gold was set by the government, right?

With private bank currency, it is literally a voucher for a specific weight of gold. There is no exchange rate like there was with the gold standard.

They were all receipts against the payment of a physical good.

Thats what the gold standard is. The difference is simply centralization.

Are you aware of what happened to The Spanish monarchy regarding silver and inflation?

The discovery of more physical silver results in more inflation.