You are viewing a single comment's thread from:
RE: Early Market Update and The Consequence of Paying Off the National Debt.
Could a country with commodity exports use a basket of commodities to back their currency. They could pass legislation such that a percentage of the commodity exports are paid to the government in lieu of royalties or taxes. The government could then run an exchange so people could exchange currency of future delivery of the commodity. Do you think this would work? Could a government run exchange do this successfully?
Why do you need government? Let the market decide what to use as money. When government gets involved it always results in corruption and preferential treatment for some at the expense of the general public.