Quote:
Originally Posted by The Demon
Terrible argument. Fiat currencies aren't necessary, they're just the status quo which is why I'm not going to be paying for anything with my precious metals. Lol@civilized society though, considering fiat currencies have caused us great pains in the long run whereas commodity currencies have succeeded for millennia. Even in today's age, we can certainly have a fractional reserve commodity system.
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Backing currency with commodity(s) is stupid.
Commodity backed currencies "succeeded" in many "great pains" in history.
Not a single currency in the world today is backed by gold. That alone should tell you something.