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Gold Based Money

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very interesting, gold has history as does fiat, google it or check it out at the libary.

A gold and oil backed currency from certain countries? I have been sceptical of this before, but having spent time in Asia i belive that they can well spin a Capitalist system better than the "Free West" can do. Why not have this currency? As has been said oil is "Black Gold", why not back a currency with gold and oil?

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.... why not back a currency with gold and oil?

Because oil has only been really valuable on a global scale from around the 1950's. This could change dependant on technology - e.g. if we all go electric or even bio diesel. If the world decreases the use of oil or if a shortage increases demand - what then? or if the oil wells dry up?

Oil backed currency could suffer a timebomb worse than Y2K (that never really had an impact).

Gold has been of value for thousands of years and likely to remain the ultimate form of currency.

Edited by Digs

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