Comments on: Refuted: What Would Happen If We Returned to the Gold Standard? http://www.libertariannews.org/2012/03/20/refuted-what-would-happen-if-we-returned-to-the-gold-standard/ Hate The State Fri, 24 May 2013 13:17:00 +0000 hourly 1 By: Nathan Moinvaziri http://www.libertariannews.org/2012/03/20/refuted-what-would-happen-if-we-returned-to-the-gold-standard/#comment-10525 Nathan Moinvaziri Sun, 25 Mar 2012 14:56:00 +0000 http://www.libertariannews.org/?p=12547#comment-10525 Well refuted sir! 

With regard to “it would cost a tremendous amount to produce and maintain gold coins”..

The amount of physical US currency is less than 10%, with most of it abroad.
http://en.wikipedia.org/wiki/Money_creation#Physical_currency

In addition the cost to produce and maintain a gold coin over a 30 year span would probably be less than the cost to produce and maintain the same amount in dollar bills because dollar bills typically have life span of only 54 months. This the one of the main reasons why the government has been looking to replace the $1 dollar bill with a $1 coin.

And.. doesn’t the U.S. Mint already produce gold coins?!

]]> By: Michael Suede http://www.libertariannews.org/2012/03/20/refuted-what-would-happen-if-we-returned-to-the-gold-standard/#comment-10507 Michael Suede Wed, 21 Mar 2012 17:34:00 +0000 http://www.libertariannews.org/?p=12547#comment-10507 Yeah I agree, I use the term “dollar” as a generic term for paper currency in the article which could very well be notes issued by a private mint instead.

]]> By: DaveR http://www.libertariannews.org/2012/03/20/refuted-what-would-happen-if-we-returned-to-the-gold-standard/#comment-10506 DaveR Wed, 21 Mar 2012 17:04:00 +0000 http://www.libertariannews.org/?p=12547#comment-10506 Michael: Great comments. Glad to see you use ‘weight of gold’ as the unit of account. I do make 2 suggestions; 1. better to get rid of terms like ‘dollar’ since it helps the govt play with ‘backing’ (less metal per dollar), and 2. important to note that there is always ‘enough’ gold because its value (purchasing power) APPRECIATES (key word) as an economy grows (higher GDP) with a nearly fixed amount of gold (mining produces only about 2% per year of new gold).

You will love my book ‘Monetary Revolution USA’ on amazon.com and at parts 1 and 2 in the left margin of my site Forward-USA.org. Want a review copy? Address?

Regards, Dave Redick                      dave@Forward-USA.org

]]> By: Rob Nabakowski http://www.libertariannews.org/2012/03/20/refuted-what-would-happen-if-we-returned-to-the-gold-standard/#comment-10504 Rob Nabakowski Tue, 20 Mar 2012 20:35:00 +0000 http://www.libertariannews.org/?p=12547#comment-10504 Very well done, Michael.  I will share.

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