Yes, I think this is feasible and could solve a number of the economic issues.
I think it could solve some problems but it's not possible to switch.
It would be possible to switch but I don't think it would solve anything.
No, it's not possible to switch and there would be no point doing so.
Say you could only print a dollar for every ounce of gold you have. If you have 50oz of gold, you could not print more than 50 dollars. Because of the limited and finite supply of your dollars, the value would skyrocket.
"You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)
You know the time is right to take control, we gotta take offense against the status quo
Originally Posted by A. de Tocqueville
Suppose I agree to paint your house for an agreed on price. In our case, we agreed that I would paint your house, and you would provide me with 3 ounces of gold. Courts should require you to live up to your end of the agreement.
So long as the courts undermine Gresham's law, the incentive to keep a strong dollar policy is merely lip service.
The gold standard was effectively severed in 1913. Since that time, we had a major depression beginning in 1929, and had to declare our self bankrupt and unable to fulfill the promises made to the rest of the world in the early 1970's. Today we see ourselves on the verge of another major calamity as well....only time will tell how bad it will get.
Nothing I see indicates that this form of monetary unit is any better at bridging the wealth gap in this country, and I would even suggest it makes it worse. It certainly provides another tool for politicians to wage war or to spend money they don't have to directly collect.
If one can say that a gold standard didn't work, then it can certainly be said about the much shorter life span of the various systems derived after it.