Decomposed > The United States had a gold based currency for a century and it prospered.
Perhaps not, De.
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The Gold Standard Throughout U.S. History
http://learn.apmex.com/learning-guide/history/the-gold-standard-throughout-u-s-history/
The United States’ complicated history with the Gold standard can be broken down into five periods:
1.) From 1792 to 1862, the dollar was backed by a bimetallic system of both Gold and Silver.
2.) This period was followed by a fiat monetary system until 1879.
3.) The nation held a full Gold standard from 1879 to 1933,
4.) A partial Gold standard followed between 1934 to 1971.
5.) Finally, from 1971 to the present day, the United States again holds a fiat monetary standard.
(Skip a bit.)
Global fluctuations in the supply of Gold and Silver applied significant pressure to this system. As an abundance of Silver mined from Central and South America flooded the market, coin traders began buying Gold coins with lower-valued Silver. Later, as Gold supplies increased globally with mining operations from California to Australia, coin traders purchased Silver coins with lower-priced Gold. Congress adjusted the official Gold and Silver value of the dollar multiple times during this period. However, adjustments often came too late, after traders had already profited from taking coins out of circulation.
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Some was skipped, and there is quite a bit more after what I quoted
Another interesting article.
Zim.
Mad Poet Strikes Again.
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