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I read during the Argentinean financial crisis in 2002 that a private company was considering launching a private currency supported by gold (i.e 100 currency = 1 gram of gold). I consider the idea facinating as every private person would not have to gamble on a government acting responsibly, but could have a very safe hard currency which actually becomes more valuable when there is a crisis. Another issue is also that there would not be inflation in this currency unless the value of gold decreases. Why hasn't this idea succeeded earlier? This question has also been posted at http://www.investery.com/questions/74/privately-controlled-currency-supported-by-gold |
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I'll answer your question with a question: Who would oppose the desire to have an alternative to a government's official currency? (If you need a hint, start here.) That link made no sense to me.
(Dec 20 '09 at 10:48)
user-80 (google)
This idea hasn't succeeded because governments don't want competition to their currencies.
(Dec 20 '09 at 17:28)
mbhunter ♦♦
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