4T? What 4T?

[Kinser79]

(05-28-2016, 07:49 PM)Mikebert Wrote: Kinser. I don't think you have a good grasp on what the gold standard is and how it is done.  Your emphasis on representational currency implies the simplistic idea that the paper money was "backed" by gold in the sense that an ordinary person who exchange their certificates for specie at will.  This is a simplistic view and not really tenable in the real world.  In actual practice, the gold standard simply refers to how monetary policy is set. The mechanism is exactly the same as today, interest rates are adjusted upwards or downward to achieve price stability. The difference  is the rule used to decide how to change interest rates.  That is all.

No, Mike, here's the problem. You're nuking the gold standard, or any other metalic standard--silver or both would work just as well. One can either exchange their paper for gold or they cannot. That is how silver and gold certificates worked