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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 15 2013: Why Africa? Because they produce the most gold?
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      Mar 17 2013: 100% correct Carolyn..and not just african nations ( which includes Libya by the way) but also Iraq wanted to do that. That in combination with demanding that their petroleum be settled in their gold back currency would instantly devalue the UK and US currencies to a level that would shift the balance of power.

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