An MMT site bringing you dogma-free economics without the pleadings of self interest
Let them. The costs of transportation and storage will sink the entire prgram before it can get off the ground. And wait to see what happens when Uncle Sam demands its dollars and Arizonans find it isn't so easy to exchange their metals for it.
I believe that it also raises many constitutional issues.
Speaking of bozos, the federal government is now starting to issue some clear guidance to the bitcoin cranks.http://www.theverge.com/2013/3/20/4127506/bitcoin-foundation-new-us-rules-targeting-virtual-currencies-are
don't forget about the vigorish. You can't exchange gold for dollars for free. Costs are around 4% a turn. However gold bugs are usually to stupid or obsessed to realize, that turning your paycheck to gold and back to dollars when you want to buy goods will cost you 8% off the top.An acquaintance told me he was going do the above , after explaining it would cost him about 8% off the top, I got the tried and true idiotic gold bug response. Doesn't matter because the dollar has lost 90% since 1913.Next time I will keep my mouth shut and offer to be his gold dealer.
also once people and business actually use gold they will realize the the price is many magnitudes more than dollars. The fist time gold drops 5% in a week business will revolt.
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