In response to:

Yes Virginia, There Is A Constitutional Monetary Unit

mjohnston Wrote: Feb 06, 2013 1:40 PM
I always thought our monetary system made no sense. What is the value of a piece of paper? We have "Gold and silver" coins with no gold or silver in them. It is ridicules to allow someone to decide he wants more money so he just prints it up on a piece of paper, that is worth nothing. It is time to get back to something of real value.
Illbay Wrote: Feb 06, 2013 4:36 PM
Why is gold more valuable in paper? What is the value?
Paulus Textor Wrote: Feb 06, 2013 10:34 PM
Answered above, but let us repeat, as the question is so important.

The VALUE of gold lies in the fact that it is:

1) Difficult to create (you have to dig it).
2) Difficult to destroy (it's a chemical element, after all).
3) Limited in quantity (so thieving government officials can't just will it into existence).
4) A stable store of value (it's worth a lot today, will be worth a lot tomorrow, and a hundred years from now).
5) Divisible (you can divide it into smaller parts of equal value).
6) Uniform in value (you don't need to have an expert grade it in quality, as you would diamonds, for example).

Thus, the chief VALUE of gold is that it is as close to a perfect form of money as one can imagine.
Paulus Textor Wrote: Feb 06, 2013 10:34 PM
PAPER, on the other hand, has almost NONE of the above, desirable characteristics.

Last week, the Virginia House of Delegates Rules Committee passed, by an 11 – 1 bipartisan majority, a bill to establish “a joint subcommittee to study the feasibility of a United States monetary unit based on a metallic standard, in keeping with the constitutional precepts and our nation’s founding principles….” Such a study could prove to be a very big deal indeed.

It would bring a sleeper issue, one crucial to economic growth, to the fore of the national debate. (Full disclosure, this columnist provided, by invitation, a letter in support of this legislation before the subcommittee vote. This respectfully...