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Re: [PLUG] Interesting thread on SEUL-EDU mailing list...
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On Thu, 25 Apr 2002, gabriel rosenkoetter wrote:
> The gold standard went away because it was *way* too difficult to do
> business efficiently when the price of gold fluctuated drastically
> on a regular basis. It caused tides of inflation and deflation that
> moved much faster than anything we're used to.
Give me a break. Stick to computers, Gabriel.
When the USA was on the gold standard, it was not possible for the price
of gold to fluctuate in terms of dollars, because the definition of the
dollar was in terms of gold. Ever hear of a 20 dollar gold coin? Before
they began eliminating the gold standard, one could walk into virtually
any bank and exchange between gold and paper dollars at a fixed rate. I
believe it was 20 USD per ounce.
Wayne
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wayne@hirewayne.com
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