The 'value' of our currencies change every minute against a whole bunch of other currencies.
All this does is promise the bearer a fixed amount of gold in exchange for their promissory note. The FX exchange to other currencies will balance out and adjust just the way it does today with oil prices.
Oh, I don't doubt that was what happened (regarding the inflation) I just don't think it relates to pegging the dollar back to a fixed amount of gold is all.
I don't think that's how it works.
The 'value' of our currencies change every minute against a whole bunch of other currencies.
All this does is promise the bearer a fixed amount of gold in exchange for their promissory note. The FX exchange to other currencies will balance out and adjust just the way it does today with oil prices.
That's how it was described to me by the people I was with at the time anyway.
Oh, I don't doubt that was what happened (regarding the inflation) I just don't think it relates to pegging the dollar back to a fixed amount of gold is all.