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What would happen to an economy if physical precious metals were legal tender currency?

Imagine money that had intrinsic value. How would this affect banking, government spending, saving, and consumer spending?

Better or worse than fiat money?


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    Mar 17 2013: Well, the U.S.and U.K economy, among others would collapse and those who have a shot at a gold standard and are actually seeking one ( both Libya and Ira were moving towards that). We are locked into our shaky fiat system of "funny money" and we could easily be brought down if enough "players" change the game or insist that oil and other commodities be settled in their own gold backed currency..

    I actually think currency should have a measureable common global value.but the U.S,and the U.K. could not conceivably willingly choose that without risking a long time of economic collapse and uncertainty

    What we really need to do to stabilize our economy and make our currency "real" is figure out how to achieve sustainable balance..to get off needing to grow at 3% plus per year. Then we would be getting somewhere worth getting..
    • Mar 17 2013: I've set a common global value and designed a peer to peer money creation process - will PM a summary to any interested party.

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