Cross post of my comment from theferrettBackground before I start: Watch the Money Masters, Read Mish's Global Economic Analysis. (google video and google blog respectively
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"Way to make a decent system: Circulate debt free currency based on the value of economic resources. I like real estate backed currency (not mortgage backed, but real estate backed and there is a world of difference)"
I always thought this would make more sense than a gold-backed currency. After all, gold mining can be INCREDIBLY destructive to the environment, reducing the real value of the whole economy (permanently lost resources.) A gold-backed currency encourages mining. On the other hand, a real estate backed currency encourages folks to take care of the land and preserve its longer term value (as it should be...) I think some land should be taken out of circulation entirely, though.
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I always thought this would make more sense than a gold-backed currency. After all, gold mining can be INCREDIBLY destructive to the environment, reducing the real value of the whole economy (permanently lost resources.) A gold-backed currency encourages mining. On the other hand, a real estate backed currency encourages folks to take care of the land and preserve its longer term value (as it should be...) I think some land should be taken out of circulation entirely, though.
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