tag:blogger.com,1999:blog-8487128531050281473.post1694450780367793614..comments2024-01-08T14:24:03.718+00:00Comments on Economics Essays: Gold Standard ExplainedTejvan Pettingerhttp://www.blogger.com/profile/03405988099792035111noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-8487128531050281473.post-15886625357032395692014-06-28T19:36:34.847+01:002014-06-28T19:36:34.847+01:00Nice essay. Something missing though…like a very M...Nice essay. Something missing though…like a very MAJOR thing missing. Currency notes arose as receipts for gold, which is why they were based on gold in the first place. You hand in your gold, you get a receipt, which you can then use to trade instead of carrying your gold around. At any time, you can redeem your receipt for the gold, because it is a receipt, it is NOT MONEY. Whoever decided to Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8487128531050281473.post-76612499662263191552012-01-22T02:06:55.550+00:002012-01-22T02:06:55.550+00:00Under the gold standard, as described, a country ...Under the gold standard, as described, a country is only as financially stable as it has a sufficient<br />reserve of gold to back its currency. This means, those countries that are developing have little, if<br />any opportunity to grow if they do not have a gold reserve backing their currency. Moreover,<br />there is the reluctance, if not the impossibility of borrowing because by definitionAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8487128531050281473.post-26702615326951781522009-02-23T08:00:00.000+00:002009-02-23T08:00:00.000+00:00(1) Is there any way of setting up a Gold Standard...(1) Is there any way of setting up a Gold Standard which would avoid the past disadvantages you outline?<BR/><BR/>(2) Given that logical deduction (as per the Austrian economists) must use some, albeit basic, empirical data - after all, "for every debit there is a credit" - can there ever be a rapprochment between this camp and the econometricians?Anonymousnoreply@blogger.com