Gold is finite, wouldn't it limit the size of the economy? If you have (for example) 10 billion ounces of gold, either in FT Knox or in circulation as coin. With it's value staked at (lets just say) $1000 per ounce, doesn't that limit your economy to 10 Trillion Dollars of circulating currency? What is our GDP right now? How do you move that much cash around?
The fact that there is a limited supply of precious metals is actually a benefit for its use as money. Right now the amount of Federal Reserve Notes. (what the government want you to think is money) in circulation can change on a whim. When the amount of FRNs in circulation increases (usually done electronically) it necessarily reduces the value of the current notes in circulation.
The amount of time and labor needed to generate a 1 FRN or 1,000 FRN and introduce it into the economy is essentially the same. You cant say the same about precious metals.
There is real labor and energy involved in mining and coining metal.
True money should have 3 essential qualities: It should be widely accepted, it should be portable, and should be a store of value.
I have a dime in my wallet that was coined in 1957 and is comprised of 90% silver. In 1957 it would be perfectly reasonable for me to expect to walk into a corner store and buy a candy bar and a coke with that dime. Today the "melt value" of that coin is about $2.45 I could easily go to a store today with $2.45 and get a candy bar and a coke.
The point is that if you took 1,000 ounces of silver and put it in a safe for 50 years you could expect it to more or less maintain its buying power. you cant say the same thing about 1,000 FRNs
So I just have to believe there is a way to make fractional reserve banking work properly, in a way that doesn't screw over US............
That sir, is like believing there is a way to allow people to steal from Safeway without screwing over Safeway (and its customers)
Anyway I just saw RP in a discussion on Fox, and he was impressive. To be honest, he's my second choice at this point. I like Herman Cain more than anyone else. If he isn't going to run, RP is going to get my vote. I say so with the understanding that the globalist elite will do everything to crush our economy if RP suddenly had all of the power of the federal gov't at his finger tips.
I did like some of what Cain had to say in the debate but I don't think I trust him. He is a Federal Reserve banker and that worries me greatly.
The Dollar use to be defined as 371 1/$ grains of 90% silver then there was a fixed ratio of Dollars to gold. I would prefer returning to the silver standard with out the fixed ratio to gold ( this caused a lot of problems I will have to save for another post )
But the main thing is to not have something that can be created so easily, and has no store of value. Somthing that represents labor and production not debt. (every FRN introduced to the economy comes from debt)
I would encourage you to start doing a bit of research on the economic/monetary history of America. It is actually pretty interesting.
Also learn about the Federal Reserve (that is not Federal and is not a reserve).
The movie "Money As Debt" is a good place to start. its a little over 45 mins long. "Money Masters" is also good but it is very long. Look up Edwin Vieira Jr and read his articles and watch his videos.