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A Return To The Gold Standard Could Destroy The Modern Economy
My 1973 Corvette when purchased new = 34 oz gold bullion
My 2011 Corvette when purchased new = 33.5 oz gold bullion
we have more population (competition for cars), the car is tremendously better quality, safer, economical. Yet the price in gold still decreased.
Under Gold, prices fall as competition and technology improves. Your article fails to mention that purchasing power per unit of currency can change. The islanders are trading products, a currency only enables them an exchange medium. The currency could be unique seashells, gold coins, diamonds, it is not important what the currency is, only its purchasing power in the community.
Feb 23, 2012. 08:23 AM
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