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The Second Greatest Story Ever Told

- Antal E. Fekete - Gold University

You say, " bills would be offset against one another and only the difference in face values would be paid in gold coins on the last day of the fair." This sounds similar to nations prior to 1971 using gold to settle up trade imbalances periodically. I wonder how this system can work between consumers and vendors? How this could replace Paypal and modern check writing and fund transfers.

I agree that gold has to be the basis of any genuine exchange system, but maybe you can elaborate further in a later article how it can have the convenience of our current system but the integrity of a gold-backed system. How would you marry convenience and integrity?

Commented 3537 days ago

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Beginning of the headline :Fable has it that paper currency came into being as warehouse receipts issued by the goldsmith against gold left on deposit for safe-keeping. The owners found that they could make purchases with these warehouse receipts as easily as with gold coins. Then the goldsmith went on lending out at interest his fictitious warehouse receipts. According to this fable, the fraudulent business of the goldsmith in issuing warehouse receipts against non-existent gold was the embryonic form of the fractional-reserve banking of today... Read More

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