Quote from: shawshankinmate37927 on December 16, 2013, 03:02:54 AM

Quote from: porc on December 16, 2013, 02:50:27 AM

Quote from: Ibian on December 16, 2013, 02:48:54 AM

Quote from: porc on December 16, 2013, 02:44:45 AM

Backing= guarantee of future exchange value

This is bullshit by the way. Or if we pretend (which is all it will be from my side) it isn't, then fiat has no backing.

We have gone over why fiat has backing. The quality of that backing is a different matter.

Backing has been tried before. It didn't work.

www.youtube.com/watch?v=iRzr1QU6K1o

There is no magical way to make backing work. It's time to do away with the whole concept of backing.

+1