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Adam Druit

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Can anyone here defend the use of metal backed currency in this day and age?

I've read several comments on these boards that suggest something akin to the following:
"If only the US would get rid of it's 'paper' (I assume people mean fiat) currency and go back to gold/silver, everything would be better."
What I have yet to see is any defense of this position. Why? Would someone mind helping me to understand why a backed currency is intrinsically better than a fiat one?

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  • May 6 2012: Everyone,

    Thank you for taking the time to respond! There are definitely a lot of ideas here that are a great first step- but to try to keep the conversation going, I'll do my best to reply to each set of arguments directly. I don't want to seem aggressive, I just feel it's that next step that I have the hardest time seeing

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